Gold News

Gold Ends NY Trade 1.2% Higher as Dollar & Stocks Fall on Weak US Data

From Chris Mullen at

Gold Prices rose to a new record high of $953.80 by noon in New York on Thursday, falling back off into the close but still gaining 1.2% for the day.

The spot Gold Market has now risen 13% since the start of this year.

The US Dollar index fell markedly meantime and Treasuries found impressive gains as the Philadelphia Fed manufacturing survey failed to rebound from last month’s surprise drop and even came in at a worse level than January’s reading.

The Dow, Nasdaq, and S&P fell over 1% on this weak economic data. There are no major economic reports due out Friday.

Crude oil eventually fell back below $100 per barrel after US inventory reports showed crude stockpiles built a larger than expected 4.2 million barrels last week. Gasoline inventories built 1.1 million barrels and distillates fell 4.5 million barrels.

Silver rose to a new 27-year high of $18.045 before it also came back off a bit into the close, but it still ended with a gain of 1.2%.

The Gold Price in Euros rose near €638 after hitting new record highs above €643 per ounce. Platinum rose $31 to a new record high of $2151, and copper rose over 10 cents to $3.81 – its highest level since May 2006.

Gold and silver equities rose over 2% and 3% by late morning, but they then fell back off in afternoon trade along with the major indices and ended mixed and near unchanged.

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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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