Gold News

Gold & Silver Tick Higher as Stocks Rise, Inflation Data Awaited

From Chris Mullen at GoldSeek.com...

The Gold Price traded lower in Asia and London on Thursday, falling to a session low of $919.40 shortly after the opening in New York.

But Gold Bullion then steadily climbed back higher for most of the rest of trade and ended near its session high of $928.70 with a gain of 0.2% for the day.

The Gold Price in Euros remained at €681 an ounce.

Oil ended with modest gains along with Treasuries, as the US Dollar index fell slightly.

The Dow, Nasdaq, and S&P ended decently higher as early session economic woes were overcome in afternoon trade on renewed hopes that the worst may be over.

Initial jobless claims were sharper last week than expected, but Producer Price Inflation also picked up month-on-month – both with and without energy.

Silver fell to as low as $13.76 in late Asian trade, but it then climbed back higher in London and New York and ended near its high of $14.11 with a gain of 0.3%.

Platinum fell $5.50 to $1107.50, and copper fell slightly to about $2.03.

Gold Mining and silver equities fell over 2% at the open, but they then climbed back higher for most of the rest of trade and ended with about 1% gains.

Friday brings US Consumer Price data for April, expected at 0.0%, with Core CPI expected at 0.1%.

Empire Manufacturing for May is expected at -15.0, followed by Net Long-Term TIC Flows, Capacity Utilization, Industrial Production and then Michigan Sentiment for May.

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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