The Gold Price dropped to $797.40 by late trade in London before it rebounded to $804.70 by late morning in New York and then dropped back under $800 by early afternoon, but it then climbed back higher into the close and ended with a loss of just 0.22%. Silver dropped to $13.91 and rose to $14.14 before it fell back off a bit in the last few hours of trade, but it still ended with a gain of 0.29%.
The Gold Price in Euros remained at about €557, platinum gained $9 to $1516 to a new record high, palladium remained unchanged at $356, and copper rose nearly 8 cents to about $2.92.
Gold equities traded mostly slight lower and ended with less than 1% losses
There were no major economic reports today, but of note in the housing sector was RealtyTrac reporting that foreclosure filings fell in November from October. Filings are still up 68% compared to a year ago. Also of note were details of the fed’s auction of $20 billion in notes that drew strong demand at an interest rate of 4.65%.
Thursday brings the final reading for 3rd quarter GDP expected at 4.9%, the Chain Deflator expected at 0.9%, and Initial Jobless Claims for 12/15 expected at 335,000. At 10AM is the Leading Economic Indicators report for November expected at -0.3% and at noon is the Philadelphia Fed survey expected at 6.0.
Oil rose after crude inventories fell a much larger than expected 7.6 million barrels, but gains were somewhat tempered by the fact that the draw was mostly due to the Houston Ship Channel being closed due to fog last week and that will likely result in a build next week as those supplies finally come through. Gasoline inventories rose 3.0 million barrels, distillates fell 2.1 million barrels, and refinery utilization fell 1.0% to 87.8%.
The U.S. dollar index rose as the dollar gained markedly versus the pound after the Bank of England’s minutes from their December meeting were released and showed wide support for the move to cut interest rates and surprisingly little concern over inflation. Treasuries rose on continued concerns over the credit crisis.
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