Gold News

Gold Breaks $1400 Even as Dollar Rallies, Silver Hits New 30-Year High

From Chris Mullen at

Gold rose to a new all-time high of $1398.45 in early Australian trade on Monday, before it fell back to $1386.73 around 9am in London.

The Gold Price then shot back higher in late New York trade, and ended near its early afternoon high of $1407.15 per ounce with a gain of 0.4% at a new all-time Dollar record.

Oil waffled near unchanged while the US Dollar index rose on renewed sovereign debt worries in Europe that sent the Euro lower.

Treasuries and the Dow, Nasdaq, and S&P traded mostly slightly lower as traders continued to digest last week’s fed move.

The Gold Price in Euros rose to about €1007 an ounce, still shy of its €1040 record of this past June 8th.

Silver fell to as low as $26.50 per ounce before it also surged back higher in late trade and ended near its new 30-year high of $27.63 with a gain of 2.5%. Both metals then rose to new highs in after-hours access trade.

Platinum lost $2 to $1763, and copper climbed to about $3.95.

Gold Mining and silver equities rose throughout most of the afternoon and ended with about 3% gains.

There were no major US economic headlines on Monday. Tuesday at 10:00 EST brings Wholesale Inventories for September, expected up 0.6%.

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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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