Gold Ends Monday Unchanged as Dollar Bounces; Dow Ends Worst June Since 1930
From Chris Mullen at GoldSeek.com...
Gold rose to an 11-week high of $935.25 in London early on Monday before dropping as low as $918 by about noon in New York.
Oil rose to a new record high of $143.67 on worries over a possible conflict between Iran and Israel, but it fell back off to find a slight loss by the close as the EIA revised downward its demand figure for April.
The US Dollar index rose on a better-than-expected Chicago PMI reading, but still sitting below 50 it continues to signal contraction in manufacturing.
Traders also positioned themselves ahead of Thursday’s European Central Bank (ECB) meeting, expected to announce an increase in rates, but may signal steady monetary policy going forward.
Treasury bonds meantime fell on fresh news of rising Eurozone inflation. Gold rallied back higher into the close and ended with a loss of just 0.22%.
Silver rose to $17.87 and fell to $17.18 before it also rallied back higher and closed with a loss of 1%.
The Gold Price in Euros held near €588, platinum gained $6 to $2064.50, and copper gained a penny to $3.89.
Gold and silver equities rose over 1% at the open before they fell to see over 1% losses by about halfway into the trading session, but they then rallied back higher into the close and ended near unchanged on the day.
The Dow and S&P traded modestly higher for most of the day after oil came off its new record high, but the Nasdaq turned lower in afternoon trade and ended with a nearly 1% loss and the Dow and S&P fell back off in the final minutes of trade and ended barely higher.
Wall Street saw The Dow's Worst June Since 1930.
Tuesday at 14:00 GMT brings the ISM Index for June expected at 48.6 and Construction Spending for May expected at -0.6%.
Looking to Buy Gold online today? Don't pay one penny more than you should! Make it simple, secure and cost-effective – only at BullionVault...