Gold Adds 0.8%, Silver Rises 1.5% Even as Dollar Gains, Treasuries Rise

From Chris Mullen at GoldSeek.com...

Gold Prices erased decent gains in Asia and London on Wednesday, falling back to see a $1.85 loss at $1137.15 an ounce by about 9:15AM ET.

But the Gold Price then rallied back higher for most of New York trade, and ended near its late session high of $1150.24 with a gain of 0.8%.

The Gold Price in Euros rose to €857 as the single currency fell.

Silver Prices dropped a couple of cents to $17.69 before it also rallied back higher and ended near its late session high of $18.116 with a gain of 1.5%.

Platinum gained $18.50 to $1728.50, and copper added a couple of cents to about $3.53.

Gold Mining and silver equities traded mixed for most of the morning, but they then rose to see roughly 1% gains by early afternoon and remained at about that level for the rest of the day.

Oil fell after the Energy Information Administration reported that US crude stockpile inventories rose 1.9 million barrels, gasoline inventories rose 3.6 million barrels, and distillates rose 2.1 million barrels.

All increases were larger than expected, but prices losses were rather minimal on news of resumed flights in Europe.

The US Dollar index rose as the Euro fell on renewed worries over Greek debt that also sent Treasuries higher.

The Dow, Nasdaq, and S&P traded mixed as concerns over Greece were offset by mostly better than expected at earnings reports.

There were no major US economic reports today. Thursday at 8:30 ET brings Initial US Jobless Claims for last week, expected at 450,000.

Producer Price Inflation for March is expected at 0.5%, with Core PPI (excl. fuel and food) expected at 0.1%.

At 10:00 comes the Existing Home Sales report for March, expected at 5,280,000 and the FHFA Home Price Index for March, expected down 0.2%.

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