Gold News

Silver Ends Week Higher, Gold Barely Changed But Rises in Euros

From Chris Mullen at

Gold chopped around near unchanged in Asia and London on Friday before it fell to see a $9.30 loss at $1097.10 by late morning in New York.

The Gold Price then shot back higher in the last couple of hours of US trade, and ended near its late session high of $1116.75 with a gain of 0.4% on the day.

For the week, the Gold Price lost 0.7% from Friday close to Friday close, but ticked higher in after-hours electronic dealing to lose just $2.50 an ounce overall at $1113.

Against the Euro, gold ended the week 1.8% better at €776.50 an ounce.

Silver traded mostly slight higher in Asia and London on Friday before it fell to see a 13 cent loss of $17.07, but it also rallied back higher in late trade and ended with a gain of 0.3% on the day, and a 0.9% rise for the week.

Platinum lost $6.50 on Friday to $1419.50 an ounce, and copper gained slightly to about $3.12.

Gold Mining and silver equities climbed nearly 2% at Friday's open before they fell to see slight losses by late morning. Precious metals equities then advanced to new session highs by early afternoon and ended with about 2% gains, cutting their loss on the week to 3%.

Oil rose after reports that Iran seized an Iraqi oil filed, but a stronger US Dollar index certainly seemed to limit any serious gains.

Treasuries fell as the Dow, Nasdaq, and S&P traded mostly modestly higher on decent earnings reports, leaving the Dow Industrials 1.3% lower for the week. Tech-stocks finished almost 1% higher.

There were no major US economic reports on Friday. Tuesday and Wednesday next week bring revisions to third-quarter GDP data.

The wholesale professional gold markets are then closed from the afternoon of Christmas Eve until Dec. 28th, and again from London lunchtime on New Year's Eve until Jan. 4th.

Live Gold Trading continues 24/7 at BullionVault as ever...

Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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