Gold News

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

From Chris Mullen at Goldseek.com...

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 is director of research at BullionVault, the physical gold and silver 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 is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews.

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