Gold News

Gold Ends Monday Flat in Dollars, Hits New Sterling Record, Near Fresh Euro Peak

From Chris Mullen at

Gold Prices rose as much as $5.35 an ounce to $1123.55 in Asia on Monday before falling to see a loss at $1111.60 in London.

Dollar Gold Prices then climbed back above $1120 by midday in New York, but ultimately fell off into the close to end virtually unchanged from Friday.

The Gold Price in Euros climbed to €825, just off its all-time high of €826 made 10 days earlier, as the Euro fell on uncertainty over the timing and terms of a potential bailout of Greece.

Oil reversed early gains and ended lower after the US Dollar index rose as the British Pound fell on worries about the outcome of the UK general election, driving the Gold Price in Sterling to new record highs.

Treasury bonds fell as the Dow, Nasdaq, and S&P rose on news of AIG's sale of a life insurance unit that raised hopes that the beleaguered insurance company may be able to survive without any further government bailouts.

Silver meanwhile gained $0.27 to $16.75 in Asia but fell to $16.395 by midmorning in New York, before it rose only to fall back off in late US trade and ended with a loss of 0.3% vs. the Dollar.

Platinum lost $1 to $1537.50, and copper gained over 6 cents to $3.33.

Gold Mining and silver equities rose over 1.5% by noon EST and remained near their highs into the close.

New US data showed Personal Income rising only 0.1% in Jan., while Personal Spending jumped 0.5%. Core inflation in personal expenditure prices was flat, while Construction Industry Spending fell 0.6% as forecast.

The ISM index of sentiment and demand in the services sector fell to 56.5 from last month's 58.4, missing analysts' predictions.

There are no major economic reports due out Tuesday.

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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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