Gold News

Gold Touches Fresh Dollar High as Inflation Rises, Housing Stalls

From Chris Mullen at

Gold rose nearly $10 in London on Wednesday and climbed as high as $1152.87 by 10:00am in New York before it fell back into the close, ending with a gain of 0.3% at a new record finishing high.

Silver rose as high as $18.822 before it also fell back off in the last few hours of trade, but it still ended with a gain of 0.5%.

The Gold Price in Euros slipped to €764 as the single currency rose vs. the Dollar.

Platinum lost $13 to $1438, and copper rose slightly to about $3.11. Gold Miningand silver equities remained near unchanged for most of the morning, but they then fell back off in afternoon trade and ended with over 1% losses.

Oil rose after US data showed crude inventories falling a larger than expected 900,000 barrels.

The US Dollar index and Treasuries fell, while the Dow, Nasdaq, and S&P also traded mostly modestly lower on Wednesday's worse-than-expected US economic data.

Housing Starts and Building Permits both came in well below market forecasts for Oct., falling hard from Sept.'s readings.

US Consumer Price Inflation meantime rose more sharply than analysts expected, gaining 0.3% last month, led by strong oil prices. Ex-fuel and food, the so-called "core" CPI rose 0.2%, matching Sept.'s rise and twice as fast as Wall Street forecast.

Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 504,000. At 10:00 comes the Philadelphia Fed for November – expected at 12.2 – and the Leading Economic Indicators for Oct., expected at 0.4%.

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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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