Gold News

Gold Ends US Election-Day 4.1% Higher as Dollar Slides, Stocks Rally

From Chris Mullen at

Gold slipped roughly 1% in Asia on Tuesday but then rallied higher in London and jumped into the New York open to touch $764.07 by about 11:00 EST.

Gold Bullion prices then fell back off in the last couple of hours of trade, but it still ended with an impressive gain of 4.15% on US election day.

Crude oil rose markedly as Saudi Arabia announced a production cut and several refiners announced some problems impacting their output.

The US Dollar index plummeted and Treasuries rose on continued worries over the economy while an easing credit market urged market participants to put cash to work.

US Factory Orders for Sept. were reported 2.5% lower, worse than analyst forecasts after Aug.'s 4.3% loss.

The Dow, Nasdaq, and S&P also rose markedly, however, as nothing emerged to disrupt the expected outcome of an Obama presidential victory.

Silver rose to as high as $10.52 before it also fell back off a bit, but it still ended with a gain of 3.26%.

The Gold Price in Euros rose to abut €583, platinum gained $27.50 to $842, and copper gained over 11 cents to about $1.95.

Gold and silver equities rose throughout the day and ended with about 15% gains.

Wednesday at 12:15 GMT brings the private-sector ADP Payroll report for October, expected down 100,000, and at 14:00 comes the ISM Services index, expected at 47.0.

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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