Gold News

Gold Price Cuts Losses, Silver Drops 1.3%, as Dollar & Stocks Rise on US Data

From Chris Mullen at

Gold climbed as much as $6.45 to $1384.55 in Asia on Wednesday, before it fell all the way back to $1364.09 in mid-morning New York trade.

The Dollar Gold Price then rallied back higher in the next few hours of trade and ended with a loss of just 0.3%.

The Gold Price in Euros climbed back over €1043.

The Silver Price fell almost a Dollar to as low as $28.58 per ounce, before it also rallied back higher, but it still ended with a loss of 1.3%.

Platinum lost $19.25 to $1722.50, and copper gained 4 cents to about $4.40.

Gold Mining and silver equities fell over 2% at the open before they rallied back higher for most of the rest of the morning, but they still ended with about 1% losses.

Oil jumped back above $90 a barrel after the Energy Information Administration reported that US crude inventory stockpiles fell 4.2 million barrels last week, gasoline inventories rose 3.3 million barrels, and distillates rose 1.2 million barrels.

The US Dollar index rose and treasuries fell on better than expected economic data that sent the Dow, Nasdaq, and S&P higher.

New data on the private sector ADP Payroll report showed an improvement of 297,000 for Dec., more than three times Nov.'s level. The ISM Services index also jumped.

Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 405,000.

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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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