Gold News

Gold & Silver Slip 1% as Stocks Fall, Dollar Gains, Oil Drops Through $75

From Chris Mullen at

Gold fell almost 1% in London on Thursday, before it climbed back higher in New York trade to stand unchanged by late morning.

Gold then fell back off in the last couple of hours of trade, and ended near its session low of $1227.35 with a loss of 1.1%.

The Gold Price in Euros fell to €976.

Silver rose almost 1% to $19.806 before it also fell back off in late trade and ended with a loss of 1.0%.

Platinum lost $3 to $1731.50, and copper rose 4 cents to about $3.22.

Gold Mining and silver equities waffled on either side of unchanged for most of the morning, but they then fell back off in afternoon trade and ended with almost 2% losses.

Oil fell below $75 a barrel as the US Dollar index rose on continued debt worries in Europe that sent the Euro lower.

Treasuries fell after Thursday's $16 billion 30-year note auction drew a high yield of 4.490% with a bid-to-cover ratio of 2.60.

US government debt then rose in late trade, ending with slight gains as the Dow, Nasdaq, and S&P fell back off into the close on mixed earnings reports and economic data.

New data showed US import prices rising faster than analysts forecast in April, up 0.9% overall month-on-month. Excluding oil, incoming goods rose 0.5% in price. Export prices rose 1.2%.

RealtyTrac data said US home foreclosures rose to a monthly record in April, even as home-loan interest rates fell to a 12-month low.

MasterCard data showed US consumer spending falling last month from March.

Friday at 08:30 ET brings US Retail Sales data for April, expected at 0.2%.  Excluding autos, sales are expected at 0.5%.

Then at 09:15 comes Capacity Utilization for April (expected at 73.9%) and Industrial Production (expected 0.8% better). The Michigan Sentiment survey for May – expected at 73.5 – comes just before the Business Inventories report for March – expected up 0.4% - at 10:00.

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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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