Gold News

Gold Loses 0.7%, Silver Drops 0.5% as Healthcare Stocks Buoy Wall Street

From Chris Mullen at

Gold fell as much as $14.96 to $1092.44 by 10:00am in New York on Monday, but then rallied for most of the rest of trade and cut its losses to 0.7%.

The Gold Price in Euros fell to €812 an ounce.

Silver followed a similar pattern and ended $0.313 off its midmorning low of $16.597 with a loss of 0.5%.

Platinum lost $11.50 to $1598, and copper remained at about $3.38.

Gold Mining and silver equities fell over 2% at the open, but they then rallied back to about unchanged by early afternoon and ended mixed.

Oil erased all of its early losses and ended decently higher while the US Dollar index reversed its early gains and closed modestly lower as the euro jumped around on continued uncertainty over Greece and sovereign debt problems.

Treasuries rose a bit ahead of this week's $118 billion worth of note auctions that begin tomorrow with $44 billion in 2-year notes.

The Dow, Nasdaq, and S&P followed select health care companies higher after Sunday night's House approval of the health care bill.

There were no major US economic reports today. Tuesday at 10:00 EST brings Existing Home Sales for February (expected at 4,990,000) and the FHFA Home Price Index for January, expected down 0.9%.

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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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