Gold News

Gold & Silver Slide as Dollar Bounces on Consumer Confidence, Ignores House-Price Slump

From Chris Mullen at

Gold and silver rose over 0.5% to $932.77 and $17.60 in Asia on Tuesday before they fell to see roughly 2% losses early in New York.

Both Gold and silver then rallied back higher in the last few hours of trade and ended with losses of 1.16% and 0.69% respectively.

The Gold Price in Euros remained at about €589 as the single currency also slid vs. the Dollar following a stronger than expected bounce in US consumer confidence data.

Platinum lost $29.50 to $1739, and copper fell roughly 3 cents to about $3.68.

Pretty much ignored by the market was a report showing that home prices in the top 20 major US cities have fallen a record 15.8% during the past 12 months, dropping in all areas tracked by the Case-Shiller home price index.

Wednesday at 08:15 EST brings the ADP Employment report for July expected at -60,000. It usually points the way for official jobs data due later this week.

Back in Tuesday’s markets, crude oil fell on worries over demand as the US Dollar index rose and Treasury bonds fell. The Dow, Nasdaq, and S&P rebounded from Monday’s notable losses and ended with over 2% gains on optimism over the economy.

Gold and silver mining equities fell about 2.5% by early afternoon and remained near their lows into the close.

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Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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