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The Gold Price remained near unchanged in Asia and rose about $5 in London prior to a spike up about 1% further in early New York trade to as high as $812.40. It later dropped back to under $810 in late morning trade, but it then rallied back higher in afternoon trade and ended near its earlier high with a gain of 1.65%.
The Gold Price in Euros rose to about €565, platinum gained $11 to $1523 to a new record high, palladium remained unchanged at $353, and copper rose about 13 cents to nearly $3.06.
Gold equities steadily rose throughout most of trade and ended near their highs with about 4% gains.
Year over year Core PCE Inflation rose at 2.2% which is near the fed’s preferred range of 1-2%. The fed also sold another $20 billion at 4.67% which was a slightly higher interest rate than their last auction. It was also announced late in the day by the WSJ that the earlier proposed Super SIV fund will no longer be developed due to lack of demand.
Oil rose throughout trade and ended with over 2% gains on short covering heading into next week’s holiday shortened trading sessions as strong Personal Spending data raised demand expectations.
The U.S. dollar index fell in early trade on worries over the credit market, but it ended well of its session low with just a slight loss as traders added carry trade positions and pushed the yen lower.
Treasuries fell on supposedly tame inflation data as the Dow, Nasdaq, and S&P rose markedly on strong earnings reports in high volume during quadruple witching day.
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