Gold Ends Thurs $2 Higher as Wall Street Stocks Bounce; Dollar & Oil Steady Ahead of US Jobs Data
From Chris Mullen at GoldSeek.com...
Gold Prices fell to $918.75 by early trade in London on Thursday, and then rose to $928.20 in New York before falling back again to $920.
The Gold Market then rallied into the close, ending with a gain of $2.00 per ounce – some 0.22% – for the day.
Silver fell to $16.65 by late trade in Asia and held mostly slightly lower in London and early New York trade, but it then rocketed higher after 11:00 EST and set a new 27-year intraday high. It ended with a gain of 1.02%.
The Gold Price in Euros remained at about €622, platinum gained $46 to $1731 to a new record high, palladium remained unchanged at $387, and copper gained nearly 7 cents to about $3.29.
Gold and silver equities fell roughly 2% in the opening minutes of trade and remained at about that level for the rest of the day, despite a strong bounce in the Dow, Nasdaq, and S&P that gave them notable gains by the close as worries over the so-called "monoline" bond insurers eased.
On the data front, US Employment Costs, Personal Income and Core Inflation were all reported in line with expectations for Dec. Friday at 08:30 EST brings January’s official jobs data, with non-farm payrolls expected at 70,000.
In the broader markets, the US Dollar index and Treasury bonds remained near unchanged ahead of the jobs data, while crude oil fell back near $90 per barrel in early trade on worries over a recession and its possible impact on demand, but it ended with less than a dollar loss as the major stock indices rebounded.
The Opec oil cartel meets tomorrow. Few expect any surprises and most see the cartel keeping output levels unchanged.
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