Gold News

Gold Ends Tues Unchanged, Rises in Euros, as US Data Disappoints Stock Traders

From Chris Mullen at

Gold saw slight losses in Asia and fell in London on Monday, bouncing from $1127.10 by a little before the New York opening and then rallying back to unchanged by the close at $1138 an ounce.

Silver fell as low as $18.06 before it also rallied back higher in New York and ended near its late session high of $18.41 with a loss of 0.1%.

The Gold Price in Euros rose to €767.

Platinum gained $1.50 to $1451, and copper remained at about $3.10. Gold Mining and silver equities traded roughly 1% lower for most of the morning, but they then rallied back higher in late trade and ended with almost 1% gains.

Oil ended slightly higher on hopes for signs of rising energy demand in Wednesday's inventory report.

The US Dollar index and Treasury bonds rose on risk aversion after US economic data came in weaker than expected.

Producer Prices rose 0.3% rather than 0.5% as forecast in Oct., while Capacity Utilization ran at just 70.7%. Industrial Production rose only 0.1%.

The Dow, Nasdaq, and S&P traded mostly lower on the poor economic data, but they then rose in late trade and ended with modest gains on hopes for encouraging signs in Wednesday's numbers.

Wednesday at 08:30am EST brings US Housing Starts for October expected at 600,000, Building Permits expected at 580,000, Consumer Price inflation expected at 0.2%, and Core CPI expected at 0.1%.

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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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