Gold News

Gold and Silver Gain Slightly

From Chris Mullen at GoldSeek.com...

Gold rose
a few dollars in after hours access trade late yesterday before it fell back
near unchanged in Asia and then climbed back higher in London to find over $2
gains by early trade in New York, but it then fell back off in midmorning
trade, waffled on either side of unchanged for most of the rest of the day, and
ended with a gain of just 0.12%. Silver
rose over $13.00 in early New York
trade before it also fell back off by late morning, but it remained higher
throughout the day’s session and ended with a gain of 0.54%.

Euro gold
fell under €486, platinum lost $2 to $1,281, palladium remained unchanged at
$362, and copper fell another 4 cents to about $3.62.

Gold and
silver equities traded mostly slight higher and ended with near 1% gains.

Tomorrow
at 8:30AM EST brings July’s jobs data.
Nonfarm Payrolls are expected at 135,000, the Unemployment Rate is
expected at 4.5%, Hourly Earnings are expected at 0.3%, and the Average
Workweek is expected at 33.9. At 10AM is
the ISM Services report for July expected at 59.0.

 

Oil traded
mostly higher and ended with a slight gain as traders continued to debate
yesterday’s conflicting inventory report and it appears less likely that OPEC will
boost production anytime soon.

The U.S.
dollar rebounded versus the yen, but it fell versus the euro as the ECB kept
rates unchanged at 4.0% and unexpectedly indicated a likely rate hike next
month. The Bank of England also kept its
key interest rate unchanged at 5.75%.

Treasuries
found modest gains by the close on continued subprime concerns.

The Dow,
Nasdaq, and S&P rose on mostly strong earnings reports.

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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