Gold News

Gold Remains Steady While Stocks Fall In Wake Of Credit Market Worries

Gold initially rose back near $800 in early Asian trade before it fell to as low as $784.95 by early trade in London, but it then rose to as high as $796.15 by midmorning in New York. Gold Prices dipped back to about $790 by late morning, butt then rallied back higher in afternoon trade and ended with a gain of 0.18%.

The Gold Price in Euros remained at about €552, platinum gained $19 to $1494 to a new record high, palladium gained $2 to $354, and copper fell roughly 5 cents to about $2.86.

Gold equities fell throughout most of trade along with the major indices and ended with over 3% losses.

Tomorrow at 8:30AM EST brings Housing Starts for November expected at 1,175,000 and Building Permits expected at 1,150,000.

Oil fell back under $90 at one point but it ended with a less than 1% loss as the Algerian OPEC minister and next president warned that the cartel might increase production at their next meeting.

The U.S. dollar index rose in early trade on a recently more hawkish fed and better than expected Net Foreign Purchases data, but it ended the day well off its highs and even with a slight loss on worries over tomorrow’s housing data as a late report today showed that “home builders remained extremely pessimistic in December."

Treasuries rose on safe haven buying as the Dow, Nasdaq, and S&P fell markedly on continued worries over rising inflation and a slowing economy that may not allow the fed to continue to cut interest rates.

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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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