Gold News

Gold & Silver Slip with Dollar as Stocks, Euro Bounce

From Chris Mullen at GoldSeek.com...

Gold held near unchanged in Asia and London on Monday before it dropped more than $10 an ounce, down as low as $919.20 shortly after the New York opening.

The Gold Price then rebounded slightly at midday, but it subsequently fell back off in the last hour of trade and ended with a loss of 1.0% for the session.

The Gold Price in Euros fell to €681 as both the US Dollar index and Treasury bonds fell.

The Dow, Nasdaq, and S&P rebounded some 3% from Friday's sell-off on hopes that housing data this week will show a further bounce in economic activity.

Crude oil rose almost 5% on supply concerns after a refinery fire in the US and militant attacks in Nigeria.

Silver saw slight gains in Asia before it fell back off in London and early New York dealing to trade as low as $13.66 by 10:00 EST, rallying into the close to end with a loss of 1.43%.

Platinum gained $24 to $1128, and copper gained nearly 5 cents to about $2.07.

Gold Mining and silver equities fell over 2% at the open before they rallied near unchanged by midday, falling off only to rally into the close and end near unchanged the day.

There were no major US economic reports today, but the National Association of Home Builders reported that confidence rose to an eight-month high.

Tuesday at 08:30 EST brings Building Permits for April expected at 530,000 and Housing Starts expected at 527,000.

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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