Gold News

Gold and Silver Gain Over 1% on the Day but Fall Almost 1% on the Week

Gold rose as much as $7.10 to $1176.05 immediately following this morning’s GDP report before it fell to see a $1.80 loss at $1167.15 in the next hour of trade, but it then stormed back higher for most of the rest of the day and ended near its late session high of $1183.22 with a gain of 1.07%.

Silver erased slight losses seen in Asia and London and rose to as high as $17.966 in early New York trade before it fell back to $17.727 by a little before 10AM EST, but it then rose to a new session high of $18.099 by early afternoon and ended with a gain of 1.87%.

Euro gold rose to almost €906, platinum gained $5.50 to $1566, and copper gained another couple of cents to about $3.31.

Gold and silver equities rose over 1% by mid-morning and remained near that level for the rest of the day.

Oil erased early losses and ended higher after the U.S. dollar index erased early gains and ended lower as the yen rose on the view that it is a better safe haven currency.

Treasuries rose on the worse than expected GDP report that increased worries over economic growth.

The Dow, Nasdaq, and S&P fell markedly at the open on economic worries, but they soon climbed back to about unchanged and mixed on hopes that the worst may be behind us.

Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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