Gold News

Gold Ends Easter Monday Unchanged as Dollar & US Stocks Rally on US Housing Data

From Chris Mullen at GoldSeek.com...

Gold Prices were wildly volatile in thin trade Monday, dropping as low as $906.30 late in Asia before it rising to $926.70 by early afternoon in New York.

The London Gold Market was closed for the Easter Bank Holiday.

Gold Prices then fell back off slightly in the last half hour of US trade and ended with a loss of 0.13% for the session.

Silver Prices were also volatile, falling to $16.764 and rising to $17.22 before they also slipped into the close. Silver still ended with a gain of 0.71%.

The Gold Price in Euros rose to about €596 per ounce, platinum gained $19 to $1,879, and copper gained over 4 cents to about $3.65.

The Dow, Nasdaq, and S&P rose on new housing data that was less awful than expected, plus J.P.Morgan’s surprising five-fold increase in its bid for Bear Stearns.

The bid still does not require shareholder approval. The median US home value, meantime, fell last month by a record 8.2% to under $200,000 as sellers gave in to lower prices. That helped accomplish the first rise in sales in a year.

Tuesday at 10:00 EST brings US Consumer Confidence for March, expected at 73.4.

Crude oil remained near unchanged on Monday in rather quiet trade, but it did end lower while the US Dollar index rose and Treasuries fell on the Home Sales data.

Gold and silver equities traded mostly slightly higher in morning New York trade, but they then fell back off into the close and ended with roughly 1% losses.

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Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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