Gold News

Gold Ends Monday Unchanged as US Stocks, Bonds & Dollar Slip; Crude Oil Gains on Texas Fog

From Chris Mullen at GoldSeek.com...

Gold Prices rose above $910 per ounce in Asia on Monday before falling hard in London and dropping to as low as $891.75 in mid-morning New York trade.

But the Gold Market then rallied back into the close and ended unchanged for the session. Silver dropped to as low as $16.38 before it also rebounded, but it still ended with a loss of 0.36%.

The Gold Price in Euros fell and then bounced to around €610 per ounce; platinum gained $35 to $1791 – a new record high; and palladium gained $13 to $424. Copper rose slightly to about $3.27.

Gold and silver mining equities fell over 2% in the first hour of US trade and then rebounded midday, but they then fell back off markedly into the close and ended with nearly 3% losses.

Oil rose back over $90 as a waterway in Texas was closed due to fog and prevented supplies from entering the country. On the economic front, US factory orders for Dec. were reported 2.3% above Nov.'s figure, well above expectations.

The US Dollar index still fell slightly, however, dropping alongside Treasury bonds as traders looked forward to central bank meetings in London and Frankfurt later in the week.

The Dow, Nasdaq, and S&P fell roughly 1% on worries over the economy. Tomorrow at 10:00 EST comes the ISM Services report for Jan., expected at 53.0.

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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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