USD and EURO Held gains Against the Yen on Friday

Gold is 952.00 down 3 dollars Silver is trading now at 13.80 unchanged Platinum is 1,175 down 5 dollars and the Euro is now 142.40.

The dollar and euro held gains against the yen on Friday, after rising the previous day as upbeat U.S. corporate results and housing data fueled optimism about the economy and dented safe-haven demand for the Japanese currency.

U.S. stocks surged on Thursday, driving the Dow industrials above the key 9,000 mark for the first time since January, as strong corporate profits and rebounding home sales spurred optimism about the economy.

Gold prices are quiet on Friday but were off a six-week high hit the previous day, with investors eyeing the dollar and stocks for direction as growing recovery hopes fuel inflation concerns and boost bullion’s hedge appeal.

DATA EVENTS expected on Friday:

ECON
- German PMI flash estimates for July.
- Euro zone PMI flash estimates for July.
- German IFO survey for July.
- UK Q2 GDP.
- Reuters/University of Michigan Surveys of Consumers final July consumer sentiment.
- U.S. Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke testify.

Market Close Thursday, Gold Up, Dow at 9065

Gold closed at 955.00 up 3 dollars. Silver finished the day at 13.80 up 10 cents. Platinum closed at 1,180 up 5 dollars. Crude is now trading at 67.05 up 2.12 and the Dow is now at 9065 up 160 points. The Euro is trading at 142.30.

Gold futures on Thursday reversed course on early losses to head to fresh six-week highs amid talk of investors rotating out of equities and back into precious metals, while keeping careful watch on the movements of the dollar.

We have a tug of war here between those who dare to buy at these levels and people who got in at previous levels. If it breaches $960 it might make a quick run to $975. If either Treasury auctions or GDP [gross domestic product] data coming next week prove dollar supportive, it could bring gold down to the $930s.

Tomorrow’s report will be the University of Michigan Consumer Sentiment. Sentiment readings are a reflection of a variety of events rather than an accurate tool for forecasting consumer spending. Gas prices and political events can have an over-sized impact on sentiment. In general, these data points are of very little economic value.

Dollar Hits a 7 Week Low

The dollar hit a seven-week low versus a basket of major currencies on Wednesday as steady stock markets and data showing stronger U.S. home prices offset weak bank earnings, denting the greenback’s safe-haven allure.

Gold is quiet and trading at 952.00 unchanged. Silver is 13.75 up 5 cents, platinum is now 1173.00 down 2 dollars and the Euro is 142.20 down 10 points.

The Nasdaq rose on Wednesday for the 11th straight day, buoyed by solid profits from Apple Inc and Starbucks Corp,while disappointing bank results and declining energy shares weighed on the broader market.

DATA EVENTS * The following data is expected on Thursday: – French business climate for July – Euro zone current account data for June – UK retail sales for May) – Weekly U.S. jobless claims – U.S. existing home sales for June.

Weds Afternoon in The Markets

Gold close 952.00 up 4 dollars, Silver closed at 13.70 up 17 cents and the Dow is now 8905.00. Crude is 65.15 up 1.13, Platinum closed at 1175.00 unchanged and the Euro is now 142.30 up 51 points.

Short and sweet today.

Weds Morning Market Update

Metal traders face mixed background signals with the Euro up a marginal 22/100ths of cent at $1.4201. The metals are trading flat to a shade lower over in mid session European trading with Silver 3 cents lower at $13.50. Gold and Palladium remain unchanged from yesterday’s close with the last trade at $947.00 and $257 respectively. Platinum is $1169.00 off $10.00.

In the energy markets the price of Oil ended the day up another 74 cents in reaction to Ben Bernanke’s cautious but optimistic economic testimony. This morning energy traders are a bit more nervous with the Dow indicating a 39 point lower open after yesterday’s 67 point advance. Last on Crude $64.80 off 81 cents per barrel. Traders are also facing mixed inventory expectations with Oil being estimated to show a 2 million barrel decline in supplies, but Gasoline an 800,000 rise.

In domestic matters; President Obama is wading deeper into the growing health-care debate having met with conservative democrats in an effort to persuade them to back his costly plan. The rift within the democratic majority seems to be growing. The President will try to drum up additional support in a prime time speech tonight. Mr. Obama addresses the nation at 8pm Eastern. California is on the verge of finally balancing it’s deficit riddled budget.

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