Gold News

Gold Jump Reversed as Stocks, Oil Surge on US Tax Cuts & Stimulus Income

From Chris Mullen at GoldSeek.com...

Gold rose as much as $10.65 to $988.30 by early trade in London on Monday before it fell to see a loss as low as $973.80 by late morning in New York.

The Gold Price then climbed back higher in the last couple of hours of trade and ended with a gain of 0.1%.

The Gold Price in Euros gold climbed near €690 an ounce.

Silver climbed to as high as $15.955 in late Asian trade before it fell to as low as $15.525 by late morning in New York, but it also rallied back higher in the last two hours of trade and ended with a gain of 0.8%.

Platinum closed at $1210.50, and copper rose over 12 cents to about $2.32.

Gold Mining and silver equities increased over 1% in the first half hour of trade, but they then fell back off for most of the rest of the day and ended with about 2% losses.

Oil meantime rose over 3% on strong economic data from China and the US that kept hopes high for increasing demand.

The US Dollar and Treasury bonds fell while the Dow, Nasdaq, and S&P surged about 3% higher on growing confidence over the economy.

US Personal Income showed a 0.5% rise for April, buoyed by tax cuts and stimulus payments, while Personal Spending dipped less severely than forecast.

New Construction Spending leapt 0.8% against -1.5% forecast.

Tuesday at 15:00 London time brings the US Pending Home Sales report for April, expected at 0.5%.

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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