Gold News

Gold recovers Monday's plunge after oil & stocks fall hard

From Chris Mullen at

Spot Gold Prices fell as low as $745.12 by late morning in New York on Monday before it rebounded about 1% in the last couple hours of trade.

The Gold Market still ended with a loss of 1.40% for the day, while silver traded as low as $13.24 by midmorning in New York, but also rallied to end with a loss of just 0.22%.

Gold Priced in Euros fell to about €532, platinum lost $10 to $1431, palladium lost $9 to $357, and copper fell over 5 cents to about $3.55.

Gold and silver mining equities fell a little over 3% at the US open and remained near their lows for most of trade, but they did rebound slightly in the last hour of trade and closed with only about 2.5% losses.

There were no major economic reports on Monday, and there are none due out Tuesday. Oil prices fell on news of a possible ceasefire between Turkey and Kurdish rebels in Iraq. Worries over slowing economic growth also cut into demand expectations.

The US Dollar index rebounded from the new record lows hit last week in technical corrective action with little news or reports to react to.

Treasury bonds ended with slight gains as the yield on the 10-year fell under 4.40% for the first time since early September.

The Dow, Nasdaq, and S&P reversed significant early losses and ended with decent gains as mixed earnings reports kept traders guessing.

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Adrian Ash

Adrian Ash, BullionVault Gold News

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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