Gold News

Gold Shoots Higher to End Tues 1.7% Higher as Oil Surges, Dollar Sinks

From Chris Mullen at

Gold Prices rose steadily throughout trade in Asia, London and New York on Tuesday, climbing as high as $824.50 before dipping to end with a gain of 1.69%.

The Gold Market for US investors recorded a new 27-year high. For British investors wanting to Buy Gold Now the price broke a series of new all-time highs.

Silver exploded higher and leaped past its May 2006 high to join gold at new 27-year highs vs. the Dollar. It climbed as high as $15.45 by late morning in New York before it also came back off a bit into the close, but it still ended with an impressive gain of 3.89% for the day.

Gold Priced in Euros rose over €564, platinum gained $14 to $1473 to a new record high, palladium gained $4 to $375, and copper rose over 4 cents to about $3.41.

Gold and silver mining equities steadily rose throughout most of trade and ended with roughly 4% gains at new all-time highs.

There were no major economic reports on Tuesday. Today at 12:30 GMT brings the preliminary reading for 3rd quarter US Productivity, expected to show a 3.1% increase. At 14:00 is the Wholesale Inventories report for Sept., followed by Consumer Credit stats for the same month.

In the broader markets, crude oil rose about 3% to a new all-time high above $97 following an attack on a pipeline in Yemen, bombings in Afghanistan, increased demand forecasts, and worries over supply draw downs in Wednesday's inventory reports.

The US Dollar index fell to yet another new record low before it rebounded a little, but it still ended with a loss of more than 0.5%. Interest rate outlooks continue to pressure the currency as the Fed is only seen cutting interest rates further in the US, while the European Central Bank may raise interest rates at their future meetings.

Treasuries fell as the Dow, Nasdaq, and S&P rose on partially easing credit worries. Goldman Sachs came out and denied that it was facing a large write down to cover credit market losses as other financial institutions have been forced to do.

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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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