Gold Ends Weds Unchanged in Dollars, Hits New Euro Record, as US Import Prices Rise
From Chris Mullen at GoldSeek.com...
Gold rose as much as $7.70 to $1127.05 by 8:00am in London on Wednesday, before it fell for most of the morning in New York and saw a loss of $6.95 at $1112.40 by about noon.
The Gold Price then rallied higher in afternoon trade and ended unchanged on the day.
For Euro investors, the Gold Price rose to a new all-time high above €822 an ounce.
The US Dollar index rose and Treasuries fell on better than expected economic data that supported higher interest rates sometime in the future.
The Dow, Nasdaq, and S&P mostly rose on decent earnings, while oil held either side of $77 and ended with a slight gain as traders looked ahead to Thursday's delayed US stockpile inventory data.
Platinum lost $3.50 to $1531.50, and copper gained a couple of cents to about $3.24.
Silver climbed over 1% to $16.31 in Asia before it fell to see almost 2% losses, but like Gold Futures it also rallied back higher into the close, ending with a loss of 0.4%.
Gold Mining and silver equities saw slight gains at the open before they fell roughly 1% by midday and remained at about that level for the rest of the day.
US import Prices rose sharply last month, new figures showed, while the Treasury Budget deficit was smaller than forecast at $42.6bn. Capacity Utilization across the US economy rose as expected.
Minutes from the Federal Reserve's Jan.28th meeting meantime showed that members were "unanimous" in seeing a substantial reduction in reserves and the Fed balancesheet as "appropriate...over time."
Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 430,000. Producer Price Inflation for January is expected at 0.8%, and Core PPI expected at 0.1%.
At 10:00 EST comes the Philadelphia Fed survey for February, expected at 17.0, and Leading Economic Indicators for January expected at 0.5%.
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