Gold News

Gold Ends Monday at New 27-Year Closing High as Dollar Sinks, Stocks Rally Ahead of Fed Decision

From Chris Mullen at GoldSeek.com...

Gold Prices rose above $790 per ounce in Asia on Monday and held at about $792 in London before falling back off in New York trade.

The Gold Market still ended with a gain of 0.65% at a new 27-year high.

Silver traded as high as $14.457 ahead of the Wall Street open before it fell back to as low as $14.204 by late morning in New York, but it then rallied back higher into the close and ended with a gain of 1.06%.

Gold Priced in Euros rose to over €547, while Gold Priced in British Pounds recorded a new all-time high above £385 per ounce.

Platinum remained unchanged at $1454, palladium lost $1 to $371, and copper fell slightly to about $3.57. Gold and silver mining equities rose over 2% at the open before they fell back to see abut 1% gains by late morning, but they then rallied back higher in afternoon trade and ended with roughly 2% gains at new all-time highs.

There were no major economic reports on Monday. Tuesday at 14:00 GMT brings the US Consumer Confidence report for October expected at 99.5.

In the broader markets, crude oil soared to a new record high above $93 as a supplier in Mexico was forced to halt production due to bad weather. Geopolitical tensions remained firm.

The US Dollar index fell to a new record low and Treasury bonds rose as traders looked ahead to Wednesday’s Federal Reserve announcement that is expected to see the Fed funds rate cut by at least 25 basis points to 4.50% or below.

The Dow, Nasdaq, and S&P rose despite that record high oil price on confidence of cheaper money to come.

To Buy Gold Today, accessing live market prices and owning physical Gold Bullion Investment in your choice of New York, London or Zurich, visit BullionVault now...

Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals