Gold News

Gold Ends Monday Unchanged as Oil Jumps on China Buying, Dollar Gains with T-Bonds

From Chris Mullen at GoldSeek.com...

Gold traded mixed in Asia and saw slight gains at $942.57 in London on Monday, before it fell to see a $6 loss as low as $934.21 by 10:00 EST in New York.

Gold then rallied back higher into the close and ended unchanged on the day in Dollars. The Gold Price in Euros remained at about €668 an ounce.

Oil gained over 3% after China said it would boost its oil reserves and Nigerian militants attacked an oil platform and forced a partial shutdown.

The US Dollar index and Treasuries found slight gains after Chinese central bank Governor Zhou Xiaochuan said he'll stick with the People's Bank's foreign-currency policy for now.

The Dow, Nasdaq, and S&P ended with decent gains as the markets followed shares in oil-related companies higher.

Silver briefly flirted with a small gain in London before it fell all the way to $13.85 by noon in New York, but it then rallied in the last hour of trade and ended with a loss of 1.13%.

Platinum lost $15 to $1182.50, and copper rose slightly to about $2.31.

Gold Mining and silver equities held near unchanged throughout trade and ended barely lower.

There were no major US economic reports. Tuesday at 09:00 EST brings Consumer Confidence for June expected at 55.3 and the S&P/Case-Shiller Home Price Index for April, expected  down 18.6%.

At 09:45 EST comes Chicago PMI for April, expected at 39.0.

Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

See the full archive of Chris Mullen articles

 

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals