Gold News

Gold Market Gains 1.5% on Monday as Crude Oil Surges, US Equities Slip Back

From Chris Mullen at

Gold Prices rose throughout Monday's session, hitting $910 in Asia, more than $915 in London, and then $929.27 per ounce by late morning in New York

The Gold Market fell back off slightly in the last couple of hours of US trade, but it still ended with a gain of 1.5%, up more than $13 per ounce from Friday's close.

The US Dollar index rose and Treasury bonds fell as markets remained calm with no more bad news or credit concerns coming out over the weekend. Crude oil rose nearly $3 as the Opec oil cartel stated there was no need to change output levels. Refinery troubles in Europe also increased supply concerns.

Silver briefly dipped to $17.69 in Asia before it rallied higher in London and New York and ended near its late morning high of $18.233 with a gain of 2.1%.

The Gold Price in Euros rose to about €587, platinum gained $25.50 to $2030.50, and copper gained roughly 4 cents to about $3.99.

Gold and silver equities rose a little over 2% by late morning, but they then fell back off in afternoon trade and ended with just slight gains alongside the major US equity indices. The Dow, Nasdaq, and S&P had risen in morning trade on deal-making news, but all three indices fell back off in afternoon trade and ended near unchanged on worries over upcoming earnings reports.

US consumer credit growth was reported sharply lower for Feb. from Jan. and also below analyst forecasts at $5.2 billion. Tuesday at 15:00 GMT brings the Pending Home Sales report for Feb. expected at -1.0% and at 19:00 is the release of FOMC minutes from the Federal Reserve’s March 18th meeting, when it cut Dollar interest rates by 0.75%.

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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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