Gold News

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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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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