Gold and Silver retreat from 7-wk high, Crude Oil eased, Stocks rose, and the USD closed mixed
Gold futures on the COMEX Division of the New York Merc Friday declined for the 1st time in 2 weeks, as some players liquidated their positions after Gold prices marked the longest rally in six months.
Friday Crude Oil supplies eased and Oil prices stabilized. Oil futures prices were less volatile than they have been in the past few days. After a couple of pullbacks to the Neutral line the energy component managed to settle at 97.97 bbl with a 0.7% gain.
Gold prices finished pit trade fractionally lower at 1409.70 oz. and Silver fell 0.5% to settle pit trade at 33.01 oz.
The Standard & Poor's 500 Index gained about 1%, and the NAS advanced around 1.5 percent.
The US Dollar closed mixed against major currencies in late New York trading Friday as US economy growth was revised and the US consumer sentiment improved.
After consecutive losses against major currencies in the past few days, the Greenback showed signs of recovery Friday as investors began take profis from Short bets on the USD.
The US Commerce Department said Friday that the US economy grew 2.8% in Q-4 of Y 2010, down from the previous estimation of 3.2% The USD pared its earlier gains after the report.
According to a survey released by the University of Michigan, the US consumer sentiment reached 77.5 in February, the highest level since January 2008, from 74.2 in January. Strong consumer confidence helped lift the USD in late trading session.
The Dollar Index rose to 77.266 from 77.086 late Thursday. Stay tuned...