Gold News

Gold Hits New Dollar High, Oil Jumps, as Traders Eye Retail-Sales Data

From Chris Mullen at

Gold traded mixed in Asia on Tuesday, before it shot up in early London as high $1068.52 an ounce.

The Gold Price then fell back near unchanged by late morning in New York, but it rallied into the close and ended near its new all-time high with a gain of 0.8% for the day.

The Gold Price in Euros rose to €717 an ounce.

Platinum gained $16.50 to $1352, and copper fell 6 cents to about $2.79.

Silver climbed as high as $18.02 in London before it fell to see a 24 cent loss at $17.53 early in New York. But silver also then climbed back in the last few hours of trade and ended with a gain of 0.2%.

Gold Mining and silver equities rose about 2% midday and remained near their highs into the close.

Oil rose after OPEC raised its demand forecast for next year.

The US Dollar index fell and Treasury bonds rose on the view that the Fed will not raise interest raise until late next year.

The Dow, Nasdaq, and S&P fell markedly at the open on a lackluster earnings report from Johnson and Johnson, but stocks then rebounded midday and ended near unchanged as earnings so far have not yet been as dismal as many feared they might.

There were no major US economic reports today. Wednesday at 08:30 EST brings US Import and Export Prices for September, plus Retail Sales for September – expected down 2.1%. Excluding autos, sales are expected up 0.2%.

At 10:00 EST comes the Business Inventories report for August, expected down 0.9%, and then 14:00 sees the release of Federal Reserve Minutes from the central bank's September meeting.

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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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