Gold News

Gold Adds 1.5% vs. Dollar, Jumps vs. Euro as Korean Conflict and Irish Debt Woes Hit Markets

From Chris Mullen at

Gold climbed as high as $1369.64 in Asia on Tuesday, before it fell back off in London but then stormed back higher in New York and ended near its late session high of $1382.20 with a gain of 1.5%.

Silver rose to $27.90 per ounce in early Asian trade, before it fell back to $27.04 by the start of New York trade but also rallied, ending with a gain of 0.3%.

The Gold Price in Euros jumped above €1028 per ounce, some 2.8% higher, as the single currency fell on fresh concerns over Ireland's deficit.

Platinum gained $4.50 to $1653.50, and copper dropped 5 cents to about $3.70.

Gold Mining and silver equities fell almost 2% by late morning, but they then rallied back higher in afternoon trade and ended with only about 1% losses.

Oil fell as the US Dollar index and Treasuries rose while the Dow, Nasdaq, and S&P fell markedly on continued worries over European debt and new concerns about a clash between North and South Korea.

Minutes from the US Federal Reserve's November 3rd meeting showed policy makers disagreed over expanding record monetary stimulus, but with only a minority concerned about inflation and currency risks.

The FDIC banking regulator said its list of "problem" US banks grew markedly in the third-quarter.

Wednesday brings Personal US Income and Spending, Core PCE Price inflation, Durable Goods Orders, Initial Jobless Claims, Michigan Sentiment, and New Home Sales.

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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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