Gold News

Gold Rises Further on Fed's $1.25 Trillion Injection; Euros, Oil, T-Bonds Gain as Dollar Falls Hard

From Chris Mullen at GoldSeek.com...

Gold dipped early Thursday after surging in after hours access trade overnight in reaction to the Federal Reserve's policy change and new $1.25 trillion of quantitative easing.

Gold Price fell back to $926.60 in Asia overnight, but then rose to a new high of $960.92 in New York Thursday and ended near that high with a gain of 7.8% from the previous day's Comex close.

Platinum gained $87 to $1116.50, and copper gained roughly 9 cents to about $1.80.

Silver jumped to $13.02 before it fell back to $12.64 in London. Silver then rose to a new high of $13.68 in New York and ended with a gain of 12.5%.

The Gold Price in Euros rose to €700 an ounce, even as the Euro rose further still against the Dollar, and oil furthered Wednesday’s late gains as the US Dollar index plummeted even further in continued reaction to the Fed’s drastic action.

Treasury bonds also added to Wednesday’s huge gains.

Gold Mining and silver equities rose over 6% at the open and remained near their highs into the close. The major US stock indices meantime slipped more than 1.0%.

There are no major economic reports due out Friday.

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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