Gold Ends NY Trade 1.2% Higher as Dollar & Stocks Fall on Weak US Data
From Chris Mullen at GoldSeek.com...
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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