Gold News

Gold Jumps vs. Dollar, Hits New Euro High, as Stocks & Oil Fall Once Again

From Chris Mullen at

Gold reversed slight Asian gains in London on Monday, falling as much as $5.90 to $1210.40 an ounce.

The Gold Price then shot higher in late morning New York trade, ending near its early afternoon high of $1239.35 with a gain of 1.8%.

Euro gold rose to a new record high on Monday above €1035 an ounce as oil fell and the Euro dropped to a new four-year low under $1.19 on continued worries over sovereign debt.

May 12th saw gold priced in Dollars set its record closing high of $1242.70 an ounce, with a record intraday high of $1249.30.

US Treasury bonds fell Monday on worries over demand for this week's debt auctions, set to total $70 billion and beginning Tuesday with a $36 billion auction of 3-year notes.

The Dow, Nasdaq, and S&P fell over 1% on persistent worries about Europe.

Silver followed a similar pattern to Gold Prices on Monday, and ended near its late session high of $18.15 with a gain of 4.5%.

Platinum lost $5.90 to $1512.00, and copper fell over 5 cents to about $2.76.

Gold Mining and silver equities rose roughly 3% by early afternoon, before they fell back off a bit in late trade as the major indices dropped, but they still ended with about 2% gains.

New data showed US consumer credit expanding by $1 billion in April, vs. analyst forecasts of $2bn shrinkage and March's drop of $5.4bn.

There are no major economic reports due out Tuesday.

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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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