Gold News

Gold Ticks Higher, Silver Price Slips, as Dollar Falls with US Stocks

From Chris Mullen at

Gold climbed $10.79 to $1378.99 by about 9am EST on Wednesday, before it fell back to almost unchanged at $1368.35 in late morning New York trade.

The Gold Price then bounced back higher into the close and ended with a gain of 0.2%.

Euro gold fell under €1017 per ounce.

Silver Price rose $0.60 to $29.49 in early New York trade, but it then fell back off for most of the rest of the day and ended near its late session low of $28.735 with a loss of 0.2%.

Platinum gained $11 to $1832, and copper fell 6 cents to about $4.36.

Gold Mining and silver equities opened up about 1% higher, but they then fell back off for most of the rest of trade and ended with over 1% losses.

Oil waffled near unchanged and ended lower as expectations for supply drops in Thursday's holiday-delayed inventory report were offset by worries over weak demand.

The US Dollar index fell as the Euro rose again on easing sovereign debt concerns.

Treasuries rose as the Dow, Nasdaq, and S&P fell on mostly disappointing earnings reports.

New Housing Starts fell sharply in Dec. and came in well below expectations on new data, but Building Permits issued jumped.

Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 425,000. At 10am comes the Existing Homes Sales report for Dec., expected at 4.8 million, Leading Economic Indicators for December expected at 0.6%, and the Philadelphia Fed for January expected at 20.0.

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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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