Gold News

Gold Slips from $1,000 Peak, Ends Tues 0.4% Higher, as Stocks & Crude Oil Rise

From Chris Mullen at GoldSeek.com...

The Gold Price climbed fast as Asia trade began early Tuesday, reaching as high as $1007.37 an ounce early in London before falling back off in New York dealing to as low as $993.45.

Gold Prices then rallied back in the last hour and a half of trade and ended with a gain of 0.4% from their previous New York close on Friday, before the Labor Day weekend.

The Gold Price in Euros climbed to €688 an ounce.

Silver rose as much as $0.62 from Friday's close to as high as $16.82 in Asia before it also fell back off in London and New York. It also bounced in the last few minutes of trade and ended with a gain of 1.5%.

Platinum rose to $1280, and copper remained at about $2.85.

Gold Mining and silver equities rose over 4% at the open, but they then chopped their way lower midday and ended with only slight gains on the day.

Oil topped $71 while the US Dollar index and treasuries fell on takeover news and optimism in the stock market that sent the Dow, Nasdaq, and S&P modestly higher on the day.

New data showed US Consumer Credit sharply lower for July, dropping four times as much as analysts forecast. Wednesday at 14:00 EST brings the Federal Reserve's monthly Beige Book of economic analysis.

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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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