Gold News

Gold Gains 2% to New Dollar High, Silver Hits Fresh 30-Month Record, as Dollar Falls, Stocks Stall

From Chris Mullen at

Gold climbed almost 1% higher in Asia and London on Tuesday, and then surged even higher in early New York trade to reach a new record intra-day high at $1274.60 an ounce.

Falling back off a bit into the close, the Gold Price in Dollars still ended at a new all-time closing high with a gain of 2.0%.

The Gold Price in Euros rose to €980 an ounce. It peaked at €1051 in June.

Silver climbed as high as $20.49 an ounce before it also fell back off in afternoon trade, but Silver Prices still ended New York dealing at a new 30-month high with a gain of 1.3%.

The Silver Price need only close above its 5th March 2008 level of $20.64 to achieve new 30-year closing highs.

Platinum gained $43.75 to $1586.75, and copper fell slightly to about $3.46.

Gold Mining and silver equities rose over 4% by mid-afternoon before they fell back off a bit in late trade, but they still ended with about 3% gains.
Oil fell along with the US Dollar index while Treasury bonds rose and the Dow, Nasdaq, and S&P ended mixed.

Better than expected retail sales data in the US was offset by poor economic signals in Europe and an election victory in Japan that suggested intervention to devalue the Yen – which hit fresh 15-year highs to the Dollar on Tuesday – was close at hand.

Wednesday at 08:30 SET brings the New York Fed's Empire Manufacturing Survey for September, expected at 6.4. US Export and Import Prices for August then follow, with Capacity Utilization for August expected at 75.0% and Industrial Production expected at 0.3% later in the morning.

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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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