Gold Adds 0.5%, Mining Stocks Up 4%, as G20 Stimulus Hurts Dollar, Buoys Treasuries
From Chris Mullen at GoldSeek.com...
Gold Prices climbed steadily higher in Asia and London on Monday, reaching as high as $1110.95 before pulling back in New York trade but still ending with a gain of 0.5%.
Silver climbed as high as $17.70 in London before it also retraced a little in New York, ending with a gain of 0.7%.
The Gold Price in Euros fell to €734 on Euro strength. The US Dollar index fell about 1% on its trade-weighted index.
The Dow, Nasdaq, and S&P rose about 2% on optimism over a continued global economic recovery after the G20 group of leading industrialized nations announced plans to keep stimulus measures in place.
Platinum gained $16 to $1355, and copper rose slightly to $2.96 an ounce.
Gold Mining and silver equities rose over 4% in the first hour of trade and remained at about that level for the rest of the day.
Treasuries added to early gains after an above-average 3.33 bid-to-cover ratio at Monday's $40 billion 3-year note auction showed evidence of strong demand.
Tuesday brings a $25 billion auction of 10-year notes. There are no major US economic reports due out.