Gold News

Gold Gains 0.8% as US Stocks Rally, Bonds Fall on Earnings Reports

From Chris Mullen at GoldSeek.com...

Gold Prices steadily rose in Asia and London on Tuesday, climbing as high as $760.50 by a little after 09:00 in New York before falling back to $755 per ounce by lunchtime.

The Gold Market then rallied higher in the last two hours of trade and ended around its high with a gain of 0.81% for the day.

Silver followed a similar pattern and rose to as high as $13.625 before it also moderated its gains in late morning action, but it also climbed back higher in early afternoon trade and ended with a gain of 0.59%.

Gold Priced in Euros remained at about €532, platinum gained $14 to $1445 to a new record high, palladium gained $3 to $360, and copper remained at about $3.55.

Gold and silver mining equities rose a little over 2% at the open before they cut into their gains by late morning, but they then climbed back higher in afternoon trade and ended with roughly 3% gains.

There were no major economic reports on Tuesday. Wednesday at 10:00 EST is the US Existing Home Sales report for September expected at 5.25 million.

Crude oil briefly found slight gains on worries over conflict between Turkey and Iraq, but it sold off for the third straight session by the close, as traders continued to look for a correction in the recent two-month run from under $70 to nearly $90 just last Thursday.

The US Dollar index erased nearly all of yesterday’s significant bounce from the record lows hit last week, but it did end short of making a new all-time low.

Bonds fell as Treasury yields rebounded from the one-month lows made Monday, driven lower in price by strong gains in the Dow, Nasdaq, and S&P – all of which rose at the open on mostly stronger than expected earnings reports. All three indices found impressive gains by the close.

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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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