Gold News

Gold Adds 0.7% as Oil Bounces on Tropical Storm Dolly; Dollar Falls

From Chris Mullen at

Gold rose over 1% to $968.50 late in Asia on Monday before it dropped back near unchanged in New York.

Gold then rallied back higher into the close and ended with a gain of 0.69% for the day. Silver held nicely higher throughout most of world trade and ended near its high of $18.47 with a gain of 1.3%.

The Gold Price in Euros rose to about €607, platinum lost $12.50 to $1838, and copper gained a couple of cents to about $3.71.

Gold and silver equities steadily rose for most of trade and ended with over 2% gains.

The Conference Board's "leading indicators" report showed a 0.1% contraction, as expected. There are no major economic reports due out Tuesday.

Crude oil rose for the first session in five on worries that Tropical Storm Dolly may turn into a hurricane and disrupt operations in the Gulf of Mexico. The US meeting with Iran over the weekend regarding Tehran's nuclear program had ended in deadlock, also raising fresh concerns.

The US Dollar index fell and Treasury bonds rose on worries over the health of banks and other financial stocks. That also dragged the Dow, Nasdaq, and S&P modestly lower for most of the day.

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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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