Gold News

Gold Price Bounces with Silver, Stocks & Oil as Bernanke Nears Fed Re-Appointment

From Chris Mullen at

The Gold Price rose roughly 1% in Asia and London on Monday, and traded on either side of $1100 in New York before it fell back but still ended with a gain of 0.6% on the day.

The Gold Price in Euros rose above €775 an ounce.

Oil climbed back above $75 as the US Dollar index and Treasuries edged lower after the Dow, Nasdaq, and S&P rose on easing concerns over Bernanke’s reappointment of Fed chairman that would likely mean a continuation of recent easy monetary policy.

The actual vote should happen sometime this week.

Silver also saw over 1% gains in Asia and London before it fell back off a bit in New York early trade, but then rallied back higher in late trade and ended with a gain of 0.9%.

Platinum closed at $1543, and copper gained over 4 cents to about $3.38.

Gold Mining and silver equities rose about 1% at the open, but they then fell back off for most of the rest of trade and ended with about 1% losses.

New data showed sales of existing US homes falling sharply in Dec., coming in below analyst forecasts.

Tuesday at 09:00 EST brings the Case-Shiller 20-City Home Price Index for Nov., expected down 5% from a year earlier. At 10:00 comes the US Consumer Confidence report for January expected at 53.5, and the FHFA Home Price Index for November expected up 0.1%.

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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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