Gold Ends Thurs at new 27-Year High; US Dollar Sinks on Jobless Numbers
From Chris Mullen at GoldSeek.com...
Gold Prices traded slightly higher in Asia and London on Thursday, spiking about 1% higher at the New York open and remained near their highs into the close.
The spot Gold Market ended with a gain of 0.91% at a new 27-year high.
Silver dropped to as low as $13.60 in late Asian/early London trade and then rose to as high as $13.79 by midmorning in New York. It fell back off into the close but still ended with a gain of 0.29%.
Gold Priced in Euros rose back over €535 per ounce, platinum gained $3 to $1438 to a new record high, palladium remained unchanged at $369, and copper fell over 5 cents to about $3.59.
Gold and silver equities steadily rose throughout most of trade and ended with over 2% gains about 1% away from their record highs made on Monday.
On the economic front, initial jobless claims for last week showed a marked rise – up to 337,000 from 309,000 the week before. Analysts had forecast an increase, but only to 315,000.
That report helped push the US Dollar index down to a brand-new record low, and Treasury bonds again found nice gains, on the outlook for more interest rate cuts.
There are no major economic reports due out Friday.
Crude oil meantime rose to a new record high at $89.55 before settling at $89.47 on geopolitical worries, that record low Dollar, and a smaller than expected build in US natural gas inventories.
The Dow, Nasdaq, and S&P remained near unchanged on mixed earnings reports.
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