Gold Rises for 1st Week in Four as Stocks Lose 4%, Treasury Bonds Fall
From Chris Mullen at GoldSeek.com...
Gold rose $12.10 to $744.60 in London on Friday before it fell to see a slight loss by early afternoon in New York.
Gold Prices then rallied back higher into the close and ended with a gain of 0.24%.
For the week, gold ended 2.1% higher – its first weekly gain in four.
Silver rose Friday to see a 21 cent gain at $10.31 by late trade in Asia, but it then fell and only rallied higher in the last minutes of trade to end virtually unchanged.
The Gold Price in Euros remained at about €576 to close the week 1.7% higher, while platinum gained $14.50 to $849.50 an ounce and copper fell 3 cents to about $1.69.
Crude oil ended higher as the US Dollar index fell on the worst US jobs data in 14 years, which increased chances for another interest rate cut from the Fed.
Treasuries also fell, however, on worries over whether or not there will be willing buyers for the $55 billion in government debt to be auctioned next week.
That hope buoyed the Dow, Nasdaq, and S&P, but the major indices still ended the week 4% lower on average after suffering their worst two-day points drop in history.
The Bureau for Labor Studies net birth/death adjustment for small business growth added 71,000 payrolls to the employment report, which still showed a loss of 240,000 jobs for last month.
US consumer credit was reported to have grown almost $7bn in September, against analyst forecasts of zero change. Pending home sales that month fell 4.6%.
Gold and silver equities rose over 8% in the first hour of trade before they fell back to about unchanged with a half hour left to go in trade.
Gold Mining Stocks then rallied into the close and ended with over 4% gains for the day, adding more than 5% for the week on the XAU.