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.
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