Gold News

Gold Jumps 2.8%, Outpaces Dollar Fall to Hit New Euro High at €813

From Chris Mullen at

After climbing more than 1% to break above $1100 in holiday-thinned trade on Monday, the Gold Price continued its advance in Asia and London on Tuesday, rising again in New York to end near its session high of $1120.60 per ounce with a gain of 2.7%.

The Gold Price in Euros rose to a new all-time high above €813.

Platinum gained $32 to $1535, and copper gained nearly 14 cents to about $3.22. Silver followed a similar pattern to Gold Price, and ended Tuesday near its early afternoon high of $16.19 with a gain of 4.7%.

Gold Mining and silver equities rose about 3% at the open and remained at about that level for the rest of the day.

Oil rose back above $77 on worries over Iran while the US Dollar index fell significantly, back below the 80 level after easing worries over Greece helped the Euro climb more than 1% higher.

Treasury bonds rose on tame inflation concerns while the Dow, Nasdaq, and S&P gained over 1% on decent earnings and economic reports.

Wednesday at 08:30 EST brings US Building Permit data for Jan., expected at 620,000. Housing Starts for last month are expected at 580,000.

Export and Import Prices for Jan. are also due.

Then at 09:15 comes Capacity Utilization for last month, expected at 72.6% with Industrial Production expected 0.8% better. At 14:00 comes the Treasury Budget for Jan. – expected to show a $46.0 billion deficit – as well as the release of minutes from the Fed's Jan. 28th 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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