Gold News

Gold and Treasuries Rise as Oil Softens

Gold rose $3.65 to $898.30 in Asia before it fell to as low as $886.05 by about 10:30AM EST in New York, but it then rallied back higher in the last few hours of trade and ended with a loss of just 0.43%.  Silver rose a couple of cents to $12.78 in Asia before it fell back off in London and early New York trade to as low as $12.56 by about 10AM EST, but it then shot back higher into the close and ended near its new session high of $12.802 with a gain of 0.27%.

Euro gold rose to about €671, platinum lost $31 to $1210, and copper fell slightly to about $2.12.
Gold and silver equities rose about 1% by early afternoon, but they then fell back off into the close and ended with slight losses.

Tomorrow at 8:30AM EST brings CPI for March expected at 0.2%, Core CPI expected at 0.1%, and Empire Manufacturing for April expected at -35.0.  At 9AM brings Net Long-Term TIC Flows, at 9:15 brings Capacity Utilization for March expected at 69.7% and Industrial Production expected at -0.9%, and at 2PM brings the fed’s Beige Book.

Oil fell slightly as economic worries overcame the EIA’s increased consumption forecast.

The U.S. dollar index and treasuries rose while the Dow, Nasdaq, and S&P fell on poor retail sales and Obama’s remarks that were not very market supportive.

Among the big names making news in the market today were Walgreen, Ford, Goldman Sachs, J&J, and the airlines.

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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