Gold Ends Monday $14 Higher as Dollar Falls Ahead of Fed Interest-Rate Decision
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.
What to buy when interest rates fall despite rising inflation? To make your Gold Investment today, accessing live Gold Market prices at the most competitive fees possible, click through and register for a gram of Free Gold at BullionVault now...