Gold News

Gold and Silver Gain With Stocks and Oil

Gold fell as much as $7.30 to $1174.20 in London before it jumped up to $1190.35 in early New York trade and then fell back to see a slight loss at $1179.13 by around noon EST, but it ultimately bounced back higher in the last hour of trade and ended with a gain of 0.04%. Silver fell to $18.055 and rose to $18.54 before it fell back off in the last few hours of trade, but it still ended with a gain of 2.29%.

Euro gold fell to about €897, platinum gained $29 to $1595, and copper rose almost 8 cents to about $3.39.

Gold and silver equities saw about 1% gains at the open, but they then fell back to about unchanged by midday and ended mixed.

Oil climbed over $81 a barrel on strong economic data out of China, Europe, and the US that increased demand expectations while a tropical depression in the Gulf of Mexico kept supply concerns elevated.

The U.S. dollar index and treasuries fell as the Dow, Nasdaq, and S&P rose as much as 2% on strong earnings reports and economic optimism.

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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