Gold News

Gold Price Rises, Silver Surges 2% to a New 31-Year High

From Chris Mullen at GoldSeek.com...

The Gold Price climbed as much as $10.89 per ounce to $1438.69 by a little after 8am EST yesterday, before it fell back off in New York. The Gold Price ended with a gain of 0.3% and closed just $5.80 from a new all-time closing high.  

The Gold Price in Euros rose to over €1007.

Silver surged to a new 31-year high of $38.59 before it also fell back off a bit, but it still ended with a gain of 2%. 

Platinum gained $10 to $1779, and copper remained at about $4.25.

Gold Mining and silver equities rose over 1% in the first hour of trade, but they then fell back off into the close and ended near unchanged.

Oil rose Monday to its highest since September 2008 on worries over Libya.

The US Dollar index waffled near unchanged and ended slightly higher as traders await this week’s probable interest rate hike by the European Central Bank on Thursday.

Treasuries ended unchanged as the Dow, Nasdaq, and S&P traded mixed on worries over high oil prices.

There were no major economic reports Monday. Tuesday at 10am EST brings the ISM Services report for March, expected at 59.5. The Fed minutes from their March 15 meeting are released Tuesday at 2pm EST.

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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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