Gold News

Gold ends Mon. in NY up 1.2% as Dollar slides ahead of G7 meeting

From Chris Mullen at GoldSeek.com...

Gold Prices rose steadily in Asia and London on Monday to find over $10 gains at $760 by midmorning in New York before falling off a little into the close.

The Gold Market still ended with a gain of 1.18% at a new 27-year high.

Silver rose to as high as $14.005 by about 08:30 in New York, but it then fell about 2% in the last four hours of trade and ended with a loss of 0.22%.

Gold Priced in Euros rose to over €533, platinum gained $6 to $1421 to a new record high, palladium gained $1 to $378, and copper gained over 5 cents to about $3.73.

Gold and silver equities rose over 2% at the open before they fell back off with the major indices by late morning, but they still ended with about 1% gains at new all time highs.

On the data front, the NY Empire State index came in much stronger than expected. Tuesday at 13:00 GMT brings the Net Foreign Purchases report for August, showing non-US purchases of US securities. That's followed by US Industrial Production for Sept., expected to show 0.1% growth, and Capacity Utilization expected at 82.1%.

In the broader commodity markets, US West-Texas crude oil rose about 3% to a new record high above $86 per barrel, and Brent crude topped $82 on worries over rising tensions between Turkey and Kurdish rebels in Iraq.

The US Dollar index fell back near new record lows as traders looked ahead to the meeting of the Group of Seven finance ministers later in the week.

US Treasury bonds fell in early trade after the NY Empire State index, but they rose to find gains by the close as the Dow, Nasdaq, and S&P fell markedly on poor earnings reports and worries over the credit market.

Among the big names making news in the market today were Danaher and Tektronix, Schwab, Bank of America, Citigroup, and Mattel.

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Adrian Ash is director of research at BullionVault, the physical gold and silver 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 is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews.

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