Gold News

Gold Ends Tues Flat, Silver Gains, Ahead of Fed Interest-Rate Decision

From Chris Mullen at

Gold fell as low as $1231.60 in London on Tuesday, but it then climbed back higher for most of New York trade and ended near its late morning high of $1242.60 with a gain of 0.1% on the day.

Gold priced in Euros rose to €1008 an ounce.

Silver followed a similar pattern and ended well off its session low of $18.57 with a gain of 0.4%.

Platinum lost $1 to $1585.50, and copper rose 5 cents to about $2.99.

Gold Mining and silver equities traded mostly slightly higher for most of the morning, but they then fell back off in afternoon trade and end with modest losses.

Oil fell slightly as the US Dollar index ended with a small gain on risk aversion.

Treasuries rose as the Dow, Nasdaq, and S&P fell over 1% by the close on poor economic data and renewed worries over the banks after Fitch Ratings slashed its view on BNP Paribas SA.

The FHFA's Housing Price Index rose 0.8% for April year-on-year, but new data showed sales of Existing US Homes falling unexpectedly in May, down to 5.6m annualized vs. the 6.1m forecast.

Wednesday at 10:00 ET brings New US Home Sales for May, expected at 430,000, and at 14:15 comes the Federal Reserve interest-rate decision.

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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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