From Chris Mullen at GoldSeek.com...
Gold Prices traded about $5 higher in Asia and London on Monday and then jumped in mid-morning New York trade to as high as $812.10 by 10:00 EST even though Pending US Home Sales data surprised analysts with a 0.6% increase in Oct.
The Gold Market then fell back off into the close, but it still ended with a gain of 1.66% for the day.
Silver followed a similar pattern and topped $14.71 before it also came back off slightly into the close, but it still ended with a gain of 2.09%.
The Gold Price in Euros rose to about €549, platinum gained $5 to $1460, palladium lost $3 to $343, and copper fell over 5 cents to about $3.02.
Gold and silver mining equities rose about 2% in the first hour of trade before they came back off in afternoon trade. They still ended with about 1% gains.
The US Dollar index and Treasuries both fell ahead of Tuesday's rate decision from the Federal Reserve. The Dow, Nasdaq, and S&P rose on expectations for an interest rate cut.
Oil rose back near $90 in early trade, but it then fell back off to find slight losses by the close on worries over waning demand in the face of rising supplies.
Tuesday at 10:00 EST brings Wholesale Inventories for Oct., expected at 0.5% – and then at 14:15 comes the FOMC policy statement, expected to cut Dollar interest rates by at least 25 basis points.
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