Gold News

Gold Jumps 1.7%, Hits New Euro & Sterling Records, as Dollar Slips, Silver Adds 3.5%

From Chris Mullen at

Gold Prices held near unchanged in Asia on Tuesday, rising to see modest Dollar gains – and new Euro and Sterling records – in London, before climbing even higher in New York and ended near the late session high of $1137.50 with a gain of 1.7%.

The Gold Price in Euros rose to a new all-time high above €835 an ounce.

Silver followed a similar pattern and ended near its late session high of $17.06 the ounce with a gain of 3.5%.

Oil as climbed back near $80 a barrel as the US Dollar index fell after the euro rose on hopes for a resolution to Greece's problems.

Treasuries fell as the Dow, Nasdaq, and S&P traded mostly higher on optimism over Greece and new merger activity.

Platinum gained $34 to $1571.50, and copper gained another 6 cents to about $3.39.

Gold Mining and silver equities rose over 3% by early afternoon in the US, before they fell back off a bit in the last couple of hours of trade, but they still ended with about 2.5% gains.

There were no major economic reports Tuesday. Wednesday at 08:15 EST brings ADP Employment for February, expected to show a 10,000 loss. At 10:00 comes the ISM Services report for February, expected at 51.0, and at 2PM is the Fed's Beige Book of analysis for March.

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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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