Gold News

Gold Price Pushes Higher as Stocks Surge on Eurozone Rescue Hopes

From Chris Mullen at

Gold Prices rose as high as $1396.74 in London on Wednesday morning, before falling to see a slight loss at $1382.10 by late morning New York.

The Gold Price then rallied back higher in the last couple of hours of trade and ended with a gain of 0.2% on the day.

Euro gold fell to about €1058 per ounce.

Silver Prices climbed to $28.82 and dropped to $28.10 before also rallying back higher and ending with a gain of 0.6%.

Platinum gained $18.50 to $1675.00, and copper gained over 12 cents to about $3.95.

Gold Mining and silver equities rose about 1.5% by midday, and remained near that level for the rest of the day.

Oil rose after the US Energy Information Administration reported that crude inventory stockpiles rose 1.1 million barrels last week, gasoline inventories rose 600,000 barrels, and distillates fell 200,000 barrels.

The US Dollar index and treasuries fell on reports that the US may help to bailout Europe.

The Dow, Nasdaq, and S&P rose about 2% on strong economic data and hopes for a resolution to debt problems in Europe.

The US Federal Reserve's Beige Book reported "slight to modest" economic improvement in 10 of the 12 regions studied.

The Fed also named banking recipients of the $3.3 trillion in emergency loans it made during the height of the financial crisis 2-3 years ago.

New data showed US productivity rising by 2.3% in the third-quarter, with Labor Costs slipping 0.1%.

Construction Spending defied analyst calls for a drop in October, rising 0.7%, and the ISM Manufacturing Index continued to show slow expansion in activity.

Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 422,000, and Pending Home Sales for October expected flat.

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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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