Gold News

Weekly Wrap-Up: Gold and Silver Gain Roughly 2% on the Week

Gold jumped to as high as $1210.85 after this morning jobs report was released before it moderated its gains a bit in the last few hours of trade, but it still ended with a gain of 0.45%.  Silver climbed to as high as $18.563 before it also fell back off, but it still ended with a gain of 0.33%. 

Euro gold fell to about €905, platinum lost $4.70 to $1562.30, and copper dropped a penny to about $3.34.

Gold and silver equities rose over 2% in the first hour of trade before they dropped back a bit midday, but they still ended with over 1% gains.

Next week’s economic highlights include Productivity, Unit Labor Costs, Wholesale Inventories, and a FOMC rate decision on Tuesday, the Trade Balance and Treasury Budget on Wednesday, Initial Jobless Claims and Export and Import Prices on Thursday, and CPI, Retail Sales, Michigan Sentiment, and Business Inventories on Friday.

Oil fell along with the U.S. dollar index as the disappointing US jobs report increased worries over the economy and sent treasuries higher and the Dow, Nasdaq, and S&P markedly lower at times, but a late day rally left the major indices with only minor losses.

Among the big names making news in the market Friday were BP and AIG.  

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.

See the full archive of Chris Mullen articles


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