Weekly Bullion Review: 27.10.2013

Weekly Bullion Review: Gold Ended At $ 1352 Per Ounce, Gains 2.9% In The Week

26-Oct-2013

Gold for December delivery, the most actively traded contract, gained $2.20 or 0.2% to close at $1352.50 an ounce Friday on the Comex division of the New York Mercantile Exchange. Gold for December delivery scaled an intraday high of $ 1356.40 and a low of $ 1335.30 an ounce. Weakness in Dollar charged Gold on a recovery path. For the week, prices settled at 2.9% gains. Consumer sentiment in the U.S. dropped more than previously estimated in October, while wholesale inventories increased slightly more than expected in August. With orders for transportation equipment showing a significant increase, a Commerce Department release on Friday showed orders for U.S. manufactured durable goods rose much more than expected in September. Yesterday, gold ended sharply higher as the dollar trended lower after some soft initial jobless benefit claims data out of the U.S. and some upbeat manufacturing data out of China. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 876.52 tons from 878.32 tons.