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 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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