The usual sources are on vacation this morning, so this report won't contain the usual excerpting. Since the only market open was Hong Kong, there was a stretch of no trading until 8:30 PM ET. When Hong Kong opened, the metal dropped like a stone below $1,505. Then flailing around, it got to as low at $1,503 before recovering and changing course. The oil market was closed, but the sinking greenback has a priming effect. Losing its tie with the greenback, which bottomed at 2:00 and started recovering 75 minutes later, gold's climb turned into a spike that peaked after 3:30 and left a new record of $1,513.60. Having lost its momentum, gold didn't lose its upside: it settled in to the high 1500s and ambled in to its weekend rest with a small gain. As of 7:13, the end of Hong Kong trading, the spot price was $1,507.70 for a gain of $3.00 on the day. The Kitco Gold Index split the gain into +$2.55 for predominant buying and +$0.45 for a weakening greenback.
For the week, gold racked up a better gain than it did last week: $21.30, or 1.43%. For the third week in a row, the last day of the week's trading saw another record high made.
The U.S. Dollar Index sunk a bit overall, but managed to stay above 74.0 for the entire overnight session except for a brief stretch. Its action overnight was essentially a range bordered by 74.1 on the high side and 74.0 on the low side. About an hour before gold's spike peaked, it sunk to a little below 74.0 but it recovered by 3:30 AM. As of 7:15, the Index was climbing slowly at 74.08.
Since there's little news other than side commentaries, I'm ending the week with this post. Again, thanks for dropping by; try to have a restful weekend.