Gold News

Gold Slips from New Record High, Silver Drops 1.6%, as Wall Street Reverses Early "China Peg" Gains

From Chris Mullen at

Gold rose to a new all-time high of $1265.07 per ounce in Asia on Monday, before it fell back to around unchanged in London trade.

The Gold Price then dropped again in the last couple of hours of trade in New York and ended near its late session low of $1237.83 with a loss of 1.4%.

The Gold Price in Euros fell to €1005 an ounce.

Silver climbed to as high as $19.44 by 08:00 ET, but it then fell back off for most of the rest of trade and ended near its late session low of $18.66 with a loss of 1.6%.

Platinum gained $3 to $1586.50, and copper rose 6 cents to about $2.94.

Gold Mining and silver equities remained near unchanged for most of the morning, but they then fell back off in afternoon trade and ended with over 2% losses.

Treasuries fell while oil, the US Dollar index, and the Dow, Nasdaq, and S&P all rose on news that China eased its currency peg.

All three Wall Street stock indices then turned lower in afternoon trade and ended with modest losses on uncertainty headed forward.

There were no major US economic reports on Monday. Tuesday at 10:00 ET brings Existing US Home Sales for May, expected at 6,100,000, and then the FHFA Housing Price Index for April.

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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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