Gold News

Gold Makes New All-Time Dollar High, Stocks & Oil Rise

From Chris Mullen at

Gold rose a further 1.5% early Thursday to reach as high as $1058.32 in Asian trade before it fell back off in early New York dealing.

Briefly seeing a 60-cent loss down at $1042.20 shortly after 10:00 EST, Gold then stormed back higher for most of the rest of trade and ended near its new all-time high of $1061.12 with a gain of 1.2%.

The Gold Price in Euros touched a fresh 7-month high of €717 an ounce.

Platinum gained $21.50 to $1339, and copper gained nearly 12 cents to about $2.79.

Silver climbed to $17.91 in Asia before it fell to as low as $17.477 by midmorning in New York, but it also climbed back higher into the close and ended with a gain of 1.8%.

Gold Mining and silver equities rose as much as 3% midday before they fell back off a bit in afternoon trade, but they still ended with over 1% gains.

Oil climbed back over $71 as the US Dollar index and Treasury bonds fell markedly. The Dow, Nasdaq, and S&P rose over 1% after jobs data came in better than expected and early third quarter earnings reports did not yet disappoint as much as many feared.

Stocks pared their gains after an auction of new government debt was not as well bid as hoped, but the major indices still ended with decent gains.

Initial US jobless claims for last week were lower than expected at 521,000. Wholesale Business Inventories showed a 1.3% drop in August, sharper than the 1.0% drawdown analysts forecast.

The US Treasury closed its fiscal year, ending Sept. 30th, with a record $1.4 trillion deficit, the Congressional Budget Office announced.

Friday at 08:30 EST brings the US Trade Balance for August, expected at -$32.9 billion.

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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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