Gold News

Gold Ends the Week 1.6% Lower Ahead of Presidents Day; Dollar Down, T-Bonds Up on Poor US Data

From Chris Mullen at GoldSeek.com...

Gold Prices rose to $915.50 by 09:00 EST on Friday before falling throughout the rest of trade to end, after a small bounce, with a loss of 0.46%, some $5 above the week's low of $897 per ounce.

Ahead of this Monday's holiday for Presidents Day, the Gold Market ended 1.6% lower for the week. Silver ended little changed from the previous weekly close after bouncing into Friday's close to lose 0.6% for the session.

Crude oil continued to rise, gaining more than 5% for the week on worries over Venezuelan supplies to the US and a possible output cut from OPEC.

The US Dollar index fell and Treasuries rose on very poor economic data that showed inflation soaring while manufacturing confidence has collapsed. That also dragged the Dow, Nasdaq, and S&P lower for most of the day, but they all managed a slight gain for the week.

The Gold Price in Euros fell to about €616, platinum gained $50.50 to $2047.50 to a new record high, and copper rose a few cents to about $3.52.

Gold and silver mining equities rose over 1% by about an hour into trade, but they then fell off with the metals by late morning and traded near unchanged for the rest of Friday.

This week’s economic highlights after the long three-day weekend include Building Permits, Housing Starts, CPI, and FOMC minutes on Wednesday and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed survey on Thursday.

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Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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