Gold News

Gold Ends Thurs $2 Higher as Wall Street Stocks Bounce; Dollar & Oil Steady Ahead of US Jobs Data

From Chris Mullen at

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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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.

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