Gold News

Gold Ends Monday Lower as Stocks Hold Flat, T-Bonds Slip Ahead of Massive New Auctions

From Chris Mullen at

Gold rose to a new one-month high versus the Dollar and saw a gain of $6.14 at $1127.99 in Asia on Monday.

The Gold Price then fell back to trade near unchanged in London, and dropped in late morning New York trade, down as low as $1109.80 by about 11:00 EST.

The Gold Price then rebounded in the last couple of hours of trade, but it still ended with a loss of 0.8% in Dollars.

The Gold Price in Euros fell to about €819 an ounce.

Oil climbed above $80 on continued worries over Iran's nuclear program and France’s refinery strikes.

The US Dollar index saw fell a bit as traders continue to watch the Euro due to worries over Greece and sovereign debt.

Treasuries fell on worries over this week's massive auctions of new US debt.

The Dow, Nasdaq, and S&P remained near unchanged on mixed earnings reports.

Silver fell to as low as $16.12 before it also bounced back higher, but it still ended with a loss of 1.04%.

Platinum lost $8 to $1523, and copper fell 5 cents to about $3.31.

Gold Mining and silver equities fell over 1% by late morning and remained near their lows for most of the rest of trade.

There were no major US economic reports on Monday. Tuesday at 09:00 EST brings the Case-Shiller 20-city Index for December, expected down 3.0% year-on-year, and at 10:00 comes Consumer Confidence for February expected at 55.0.

Fed chairman Ben Bernanke speaks before Congress on Wednesday and Thursday.

Looking to Buy Gold...?

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.

See the full archive of Chris Mullen articles


Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals