Gold News

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

From Chris Mullen at

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.

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