Gold News

Gold Ends New York at New 27-Year High as Dollar Sinks on Weak US Housing Data

From Chris Mullen at GoldSeek.com...

Gold Prices traded some $2 higher in Asia on Thursday, rose further in London, and climbed as high as $769.55 by late morning in New York before falling back off slightly into the close.

But the Gold Market still ended with a 0.71% gain at a new 27-year high.

Silver outpaced gold’s gains and rose to as high as $14.005 before it also backed off a bit into the close, but it still ended with a gain of 2.6%.

Gold Priced in Euros rose above €536, platinum gained $7 to $1445 to match its record high set on Tuesday, palladium gained $2 to $360, and copper rose roughly 4 cents to about $3.54.

Gold and silver mining equities traded roughly 0.5% higher throughout the day and closed about 2% away from new record highs.

New Home Sales rose in Sept. said official US data, but only rose because August’s data was revised down. Orders for white goods by US consumers dropped 1.7% vs. forecasts for 1.5% growth. Initial jobless claims for last week dipped from a week earlier, but exceeded analyst expectations.

The US Dollar index fell to a new record low and Treasury bonds rose in response. An auction of 5-year notes, however, drew less than spectacular demand.

Friday at 14:00 GMT brings the Michigan Sentiment Index for Oct.

In the broader markets, crude oil rose throughout trade and ended at a new record high above $90 per barrel in the US, with a nearly 4% gain following new US sanctions against Iran.

The OPEC oil cartel, meantime, said production increases aren't coming as fast as expected. It now says it won't announce new output quotas when it meets next month.

The Dow, Nasdaq, and S&P saw small gains in early trade before falling back to find notable losses by lunchtime. The Dow and S&P then rebounded into the close to end with just small losses on talk of next week's widely expected US Federal Reserve cuts to interest rates.

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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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