Gold News

Gold ends Monday unchanged as US stocks slip ahead of housing data

From Chris Mullen at GoldSeek.com...

Gold Prices rose nearly $5 in Asia and London on Monday before slipping at the US open ending virtually unchanged for the day.

Silver rose over $13.65 by midday in London and then fell to as low as $13.37 by late morning in New York. It also rallied back higher in late trade, but ended with a minimal loss of 0.07%.

Gold Priced in Euros fell to about €519, platinum gained $9 to $1333, palladium remained unchanged at $338, and copper rose over 7 cents to $3.67.

The gold-backing held by the major gold exchange-traded funds was unchanged on the day, but the Comex IAU fund added the best part of a tonne. Gold and silver mining equities fell nearly 1% in the first half hour of trade before they rallied back higher and found slight gains by a little after an hour into trade, but they then fell back off and traded mostly slightly lower for the rest of the day.

There were no major economic reports from the US. Tuesday at 14:00 GMT brings US Consumer Confidence for September, plus Existing Home Sales for August – expected at 5,500,000.

In the broader commodity markets, crude oil fell on profit taking as last week’s storm weakened on entering the Gulf of Mexico. The hurricane season is now nearing its end, though some unrest in Nigeria and the visit of Iranian President Mahmoud Ahmadinejad to New York did keep traders on edge and looking for any potentially bullish news.

The US Dollar index fell further near all-time lows under 78.19 as the Euro rose to a new record high. But moves were minimal ahead of the economic data due out today.

Treasury bond prices fell in early trade as stocks rose, but they then rose to find slight gains by the close as the Dow, Nasdaq, and S&P turned their morning gains into losses by early afternoon on uneasiness over the future of interest rates.

To Buy Gold Online Today as near to live spot-market prices as private investors can get, enjoying outright ownership and professional storage from as little as $4 per month, click here and learn more about BullionVault now...

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.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals