From Chris Mullen at GoldSeek.com...
Gold Prices rose to as high as $791.45 in Asia on Monday before falling as low as $776.88 in London.
The Gold Market then rallied back higher in New York trade, ending with a gain of 0.65% for the day.
Silver topped $14.00 in Asia before it fell to as low as $13.75 in London. It then rallied back higher in New York and climbed to as high as $14.215 ahead of a slight dip in afternoon US trade that left it with a gain of 0.64%.
Gold Priced in Euros rose to about €538, platinum gained $18 to $1455, palladium lost $2 to $345, and copper fell over 11 cents to about $3.05.
Gold and silver mining equities rose over 1% by late morning before they cut into their gains as the major indices fell off in early afternoon trade, but they then rallied back higher in late trade and ended near their highs with roughly 1% gains.
On the US data front, the ISM Manufacturing Index for Nov. came in slightly ahead of forecasts. There are no major economic reports due out on Tuesday.
In the broader markets, crude oil fell for most of US trade on easing geopolitical tensions after Hugo Chavez, president of Venezuela, failed to win voter support to end his term limits. A US government report stated that Iran halted its nuclear weapons program back in 2003, also cutting into oil prices.
But oil then turned higher in late trade and ended with a gain on uncertainty over whether or not OPEC will increase production at their meeting on Wednesday. Previous expectations assumed that the oil cartel would in fact raise production, but with oil now below $90 some are predicting that OPEC will state it no longer needs to bring more supply to the market.
The US Dollar index fell and Treasury bonds rose on uneasiness over the credit market as Treasury Secretary Henry Paulson announced that a plan to combat subprime mortgage foreclosures will be released soon.
The Dow, Nasdaq, and S&P eventually fell on worries over the mortgage industry, but losses were relatively small when compared to recent large market movements.
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