Gold News

Gold Ends Monday Higher as Crude Oil Falls, Stocks Slip

From Chris Mullen at

Gold Prices fell in Asia and dropped to as low as $800 in London on Monday, but the Gold Market then jumped higher in afternoon trade in New York and closed about $4 off its high with a gain of 0.14% at a new 27-year high.

Silver rose to its highest level since May of 2006 and closed with a gain of 0.96% to end just 27 cents away from breaking through that high set 18 months ago.

Gold Priced in Euros rose to over €556 per ounce, platinum gained $5 to $1459 to a new all-time high, palladium lost $2 to $371, and copper fell a few cents to about $3.37.

Gold and silver mining equities fell nearly 2% at the open and then rallied to find slight gains by early afternoon before they fell back to their lows of the session by about 14:30 EST, but they then rallied back higher into the close and ended with minimal losses.

On the economic front, the only US data release showed the ISM Services index for Oct. coming in slightly ahead of both expectations Aug.'s figure. There are no major reports due Tuesday. The US Dollar index rebounded slightly from Friday’s new all-time low in response, and the ISM report pushed Treasuries lower, despite continued credit market worries that also dragged the Dow, Nasdaq, and S&P lower for most of the day.

All three indices then rebounded to end well off their lows by the close. Crude oil fell about $2 in early US trade before it rebounded but then fell back off into the close.

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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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