Gold News

Spot Gold Price Ends Thurs at New Closing High After Peaking 25¢ Off $1,000 an Ounce

From Chris Mullen at

Gold Prices rose throughout world trade on Thursday, climbing to a new record intraday high at $999.75 by 10:40 in New York before falling back off in the last few hours of trade.

(Thought Gold Touched $1,000 on Thursday? One smart investor achieved a sale at that price – the first and only private investor to Sell Gold for $1,000 so far in history...)

The Gold Market still ended with a gain of 1.3% at a new record closing high.

Crude oil touched $111 before it backed off, but it still made another new record closing high in New York as the US Dollar index fell to another new record low on continued worries about financial failures and a recession in the US.

US economic data was unremittingly bad, with Import Price inflation – even ex-oil – remaining high, while Export Price inflation slipped back. New jobless claims rose last week, while US retail sales for the month of Feb. shrank by 0.6% vs. forecasts of 0.2% growth.

The Dollar dropped below ¥100 for the first time in 12 years, sank to a new record low versus the Euro, and approached parity with the Swiss Franc for the first time ever.

The Gold Price in Euros rose to about €637, platinum gained $30 to $2090.50, and copper fell slightly to about $3.84.

Silver climbed to as high as $20.872 by about 8AM EST before it also fell back off into the close, but it still ended with a gain of 2% and closed just 31 cents away from setting a new 27-year closing high. Gold and silver mining stocks rose over 3% at the open to new record highs and remained near those highs into the close.

Treasury bonds rose and the Dow, Nasdaq, and S&P fell about 2% in morning trade on the poor Retail Sales report and on news of Carlyle Group's collapsed hedge fund in Amsterdam.

But bonds turned lower and stocks climbed into positive territory by late afternoon after a poor auction of 10-year Treasury bonds. Congressman Barney Frank also unveiled plans to increase government attempts to prevent mortgage foreclosures amid "the worst housing slump in a quarter century."

Friday at 13:30 GMT brings the crucial Consumer Price Index for Feb., expected at 0.3% month-on-month, plus and Core CPI expected at 0.2%.

At 15:00 London time comes Michigan Sentiment for March, expected at 69.5.

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Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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