Gold News

Gold ends New York trade up 1.4% at six-week high

From Chris Mullen at GoldSeek.com...

Spot Gold Prices remained near unchanged during non-US trade on Monday and then early Tuesday, but they took off in New York shortly after 09:00 EST, topping $680 by noon and remaining near this six-week high to end with a gain of 1.35%.

Silver briefly dropped back under $12.00 early in New York before it also surged higher for the rest of the morning and closed near its high with a gain of 2.08%.

The Euro Price of Gold topped €500, platinum gained $3 to $1,269, palladium gained $3 to $332, and copper fell a few cents to about $3.33. Gold and silver equities steadily rose for most of the day and closed with about 3% gains.

In the economy, US construction spending for July was reported to have slipped 0.4% from June, falling faster than expected, while the ISM index also showed a slowdown – but not a contraction – in manufacturing activity.

Wednesday at 10:00 EST brings Pending Home Sales for July, followed at 14:00 EST by the Fed's latest Beige Book of data and analysis.

In the broader markets, crude oil rose on forecasts of an active end to the hurricane season, while new refinery problems pushed gasoline higher.

The US Dollar index followed Wall Street stocks higher, as traders positioned themselves ahead of the European Central Bank and Bank of England interest-rate meetings on Thursday.
 
Treasury bonds fell while the Dow, Nasdaq, and S&P rose on the back of that lackluster economic data, which gave further confidence to the idea of a Fed rate cut at their meeting on September 18th.

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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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