Gold News

Gold Ends NY Trade at New Closing High, Oil & Stocks Gain on Data Surprises

From Chris Mullen at

Gold climbed as high as $1020.45 an ounce early in London trade on Wednesday, holding near that high for the rest of trade to close the day with a gain of 1.4% at a new record closing high in Dollars.

The Gold Price in Euros rose to €692 an ounce.

Silver steadily rose throughout most of world trade and ended near its late session high of $17.46 with a gain 2.7%.

Platinum gained $22 to $1344, and copper gained 9 cents to about $2.92.

Gold Mining and silver equities rose about 3% at the open and remained near that level for most of the rest of the day.

Oil rose after the Energy Information Administration announced US crude inventories surprisingly fell 4.7 million barrels last week, while gasoline inventories rose 500,000 barrels, and distillates rose 2.2 million barrels.

The US Dollar index and Treasuries fell on continued economic optimism that sent the Dow, Nasdaq, and S&P over 1% higher on the day.

New data showed US consumer prices rising faster than analysts expected in August, up 0.4% on the month and gaining 0.1% when volatile energy and food prices are excluded.

The US trade deficit shrank 5% to $98.8 billion but also beat expectations. Investment flows into US securities during July were sharply down at $15.3bn from June's $90.2bn.

Capacity Utilization in the US rose last month to 69.6%. Industrial production growth slowed from 1.0% to 0.8% per month.

Thursday at 08:30 EST brings US Building Permits data for August, expected at 596,000, plus Housing Starts – expected at 580,000.

Initial Jobless Claims for last week are expected at 555,000. Then at 10:00 EST comes the Philadelphia Fed survey for September, expected at 8.0.

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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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