Gold News

Gold Slips with Dollar and T-Bonds as Stocks Jump 3%

From Chris Mullen at

Gold fell as low as $1215.02 per ounce in early New York trade on Thursday, bouncing in the last few hours of trade but still ending with a loss of 0.7%.

The Gold Price in Euros fell to €1009.

Silver Prices had fallen as low as $17.88 in early London trade, but the metal then stormed back higher for most of the rest of the day and ended with a gain of 0.8% at $18.30 an ounce.

Platinum gained $2 to $1529, and copper rose slightly to about $2.86.

Gold Mining and silver equities traded mostly slightly higher and ended with about 1% gains.

Oil rose above $75 a barrel on strong Chinese export data, plus a revised International Energy Agency global oil demand forecast.

The US Dollar index fell as the Euro rose after European Central Bank president Jean-Claude Trichet said it will maintain but not extend current banking-sector and government-bond support.

Treasuries fell markedly as the Dow, Nasdaq, and S&P rose almost 3% on strong economic news.

The US Trade Deficit for April was smaller than expected at $40.3 billion. Initial jobless claims for last week fell from the week before.

Friday at 08:30 ET brings US Retail Sales for May, expected up 0.2%. Excluding autos, sales are expected up 0.1%.

At 09:55 comes Michigan Sentiment for June, expected at 74.5, and then at 10:00 is the Business Inventories report for April, expected up 0.5%.

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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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