Gold News

Gold, Oil & Mining Stocks Drop as Dollar Falls vs. Yen

From Chris Mullen at GoldSeek.com...

Gold fell over $10 an ounce early Monday to trade as low as $920.50 by mid-morning in New York.

Spot Gold then bounced back higher into the close, but it still ended with a loss of 0.7% for the day.

The Gold Price in Euros fell back to €662.

Platinum lost $41.50 to $1143.50, and copper fell a few cents to about $2.27. Silver dropped over 3% to as , down as $12.99 by 09:00 EST, before it stormed back higher in late morning New York trade.

Silver was then held slightly lower in afternoon trade and ended with a loss of 1.1%.

Gold Mining and silver equities fell over 5% midmorning before they struggled back higher in afternoon trade. But precious metal stocks still ended with about 4% losses on the day.

Oil fell to a new 5 week low around $64 on worries over demand, while the US Dollar index reversed early gains and ended slightly lower as traders seemed to prefer the Yen as a shelter from riskier assets.

Treasury bonds fell despite recently renewed worries over a weakening economy as potential buyers look elsewhere for safe haven investments.

The Dow, Nasdaq, and S&P mostly fell as last week's much worse than expected jobs data continued to hang over the market, but the Dow and S&P flirted with gains late in the day and ended slightly higher as some have hopes for better news over the economy later this week.

There are no major economic reports due out Tuesday.

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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