- The Real Reason For America’s Looming Retirement Crisis April 25, 2017 The Doc
- London Analyst Warns China Ready to PULL THE PLUG, Dump T-Bonds For GOLD April 25, 2017 Elijah Johnson
- Alasdair Macleod Reveals America’s Financial War Strategy April 25, 2017 The Doc
- Gold Bullion Erases $10 Bounce Despite French Election, N.Korea Risks, Imports to China Jump April 25, 2017 Adrian Ash
- Gold Price Sinks as 'Markets Favorite' Macron Beats Anti-Euro Le Pen in France's 1st Round April 24, 2017 Steffen Grosshauser
- Gold Splits from Silver, Ratio Gains Before French Election But GLD Shrinks, 'Safe Haven' Demand Lacking April 21, 2017 Adrian Ash
Gold Hits 2012 High on Spanish Bailout Fears
December gold rose $7.80 to finish at $1,778 per ounce. Earlier on Friday it hit $1,790 per ounce, which topped the previous 2012 high, set in late February.
Analysts speculated that Spain is working on an economic reform plan that will include a request for bailout funding from Europe.
The country’s borrowing costs have dropped sharply since the European Central Bank said recently it will buy unlimited amounts of government bonds to help countries with heavy debt loads. Those borrowing costs will probably rise again if Spain doesn’t request a bailout soon, analysts said.
In the US, the Federal Reserve also has put a plan in place to encourage economic growth.
Such economic stimulus programmes continue to benefit gold prices, said Phillip Streible, a senior commodities broker at RJ O’Brien.
Investors buy gold as a hedge against inflation and volatility in currencies. Gold is priced in dollars but can be converted into any currency.
Other commodities were mostly higher as traders waited for more clues about how the global economy will fare under economic stimulus programs in several countries.
Silver for December delivery fell 4.4 cents to finish at $34.638 per ounce, December copper rose 3 cents to $3.789 per pound, October platinum gained $13.70 to $1,637.60 per ounce and December palladium ended up $10.45 at $671.55 per ounce.
Oil prices rose as traders weighed slower global economic growth against the uncertainty of potential supply disruptions in the Middle East, analysts said. Brent crude increased $1.39 to settle at $111.42 per barrel.
Heating oil rose 2.32 cents to end at $3.1207 per gallon, wholesale gasoline increased 3.85 cents to $2.9425 per gallon and natural gas gained 8.8 cents to $2.885 per 1,000 cubic feet.
In agricultural contracts, December wheat increased 17.75 cents to finish at $8.9725 per bushel, December corn rose 2.25 cents to $7.4825 per bushel and November soybeans ended up 3 cents at $16.2175 per bushel.