Gold Market Ends Monday 0.5% Higher as Stocks Wobble, Bonds Rise on Fresh Credit Losses
From Chris Mullen at GoldSeek.com...
Gold Prices rose to $927.20 in London on Monday before falling to $915.60 by midmorning in New York.
The Gold Market then rallied back higher into the close and ended with a gain of 0.47% for the day – and just $4.45 from setting a new record closing high.
Oil rose on supply concerns as Hugo Chavez threatened to cut off sales of Venezuelan oil to the US and a refinery suffered a power outage. The US Dollar index fell slightly, meantime, as the Euro gained on hawkish comments from the ECB over the weekend.
Treasury bonds rose on fresh credit market worries as AIG announced they may be writing down more complex debt losses.
The Dow, Nasdaq, and S&P fell in morning trade on worries over AIG, but they then rose to find slight gains in afternoon trade on hopes for more interest rate cuts from the Fed.
Silver rose to $17.392 in London before it fell to $17.10 by midmorning in New York, but it then rallied to a new 27-year intraday high of $17.54 and ended at a new 27-year closing high with a gain of 1.7%.
The Gold Price in Euros rose to a new record closing high at €636, platinum gained $61 to a new record high at $1932, and copper gained a couple of cents to about $3.55.
Gold and silver equities fell nearly 2% about an hour into trade, but they then rallied to find slight gains by late morning and remained at about that level for the rest of the day.
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