Gold News

Gold Jumps Above $900 on Record High Crude & 3-Decade Low in US Consumer Confidence

From Chris Mullen at

Gold Prices rose about 1% in Asia and London on Friday before accelerating their gains in New York trade.

Crude oil rose to a new record intraday high of $127.82 on Goldman Sachs’ call for $141 a barrel in the second half off 2008.

Energy gains pared slightly after the Saudis announced they would increase production by 300,000 barrels a day to make up for shortfalls in other countries, but oil still closed with a nearly 2% gain at a new record closing high.

The US Dollar index fell and Treasury bonds rose after US consumer confidence came out at a 28-year low and pushed interest rates south in early trade. But bonds turned down to end with just slight gains as stocks rebounded in late trade.

The Gold Market ended near its high of $904.80 with a gain of 2.33% for the day, some $20 higher per ounce at a three-week high.

For the week Gold ended with its second weekly gain running, up 1.7%.

Silver rose to as high as $17.042 by late morning in New York on Friday before it fell back off slightly in the last couple of hours of trade. It still ended with a gain of 1.8%.

The Gold Price in Euros rose to about €577, platinum gained $51 to $2114.50, and copper gained nearly 9 cents to about $3.85.

Gold and silver equities rose nearly 3% at the open and remained near their highs into the close.

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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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