Gold ends week at new high

The COMEX December gold futures contract closed up $4.90 Friday at $1146.80, trading between $1132.50 and $1148.60

November 20, p.m. excerpts:
(from Marketwatch)
Gold futures rose for a sixth straight session to a new record high, ending with their third weekly gain as continued worries over a weaker dollar and global inflation encouraged investors to buy gold as a safe asset. Benchmark gold futures contracts have soared 26% since their July low, rising 16 out of 19 weeks. In Friday trading, the dollar rose against the euro and other major rivals, with the dollar index up 0.4% to 75.631…more
(from Bloomberg)
The greenback climbed as much as 0.8 percent. “The gold price should not fear a new long-term uptrend in the dollar,” Deutsche Bank said. “In periods of risk aversion which lead to a strengthening dollar and strong inflows into gold ETFs, the strong correlation may start to fade.” Gold rose 0.4 percent after earlier dropping as much as 0.8 percent…more
(from Dow Jones)
The metal shrugged off the stronger dollar to settle higher as participants wanted to hold onto bullish positions heading into the weekend. Gold was helped on investor skittishness about the dollar and talk of a stock market correction, said Michael Gross, broker and futures analyst with OptionSellers.com. “Nobody wants to be short gold over the weekend,” Gross says. December gold rose nearly 2.7% on the week…more
(from Reuters)
Earlier in the session, gold was being capped by strength in the dollar and weaker equities. Traders said the fact that gold was able to climb despite the headwinds of a stronger dollar, weaker equities and lower oil prices showed strong underlying demand. “People want to buy gold on breaks,” said Adam Klopfenstein, senior market strategist at Lind-Waldock. “Gold will hold its stability relative to other asset classes as long as there are economic uncertainty and potential for inflation going forward.”…more

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November 20th’s audio MarketMinute