Gold News

Gold Price Climbs vs. Rising Euro, Silver Hits New 3-Decade Highs as Oil Jumps to $100

From Chris Mullen at

Gold fell a few dollars in Asia on Wednesday, before it rebounded and saw slight gains in London.

The Gold Price then accelerated even higher in the last four hours of trade in New York, and ended near its late session high of $1416.40 with a gain of 0.9% on the day.

Oil rose almost 3% more to as high as $100 a barrel at one point on worries over continued unrest in the Middle East.

The US Dollar index fell again as the Euro rose on expectations that interest rates in the Eurozone and UK will rise sooner than in the United States.

The Gold Price in Euros climbed over €1028 per ounce.

Silver Bullion climbed as high as $33.76 and ended with a gain of 1.9% at a new 31-year closing high.

Platinum lost $9.75 to $1773.25, and copper fell over 7 cents to about $4.27.

Gold Mining and silver equities rose over 2% by midmorning before they pulled back a bit midday, but they then rallied back higher in late trade and ended near their earlier highs.

Treasuries erased all of their early gains and ended lower after Wednesday’s $35 billion 5-year note auction sold at a high yield of 2.19% with a bit-to-cover ratio of 2.7 times.

The Dow, Nasdaq, and S&P fell on poor earnings reports and concerns over the Middle East. New data meantime showed sales of Existing US Homes rising faster than analysts forecast in January.

Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 410,000, and Durable Goods Orders for January expected up 2.7%. Excluding transportation, orders are expected at 0.6%. At 10:00 comes the New Home Sales report for January expected at 310,000.

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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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