Gold News

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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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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