Gold News

Gold Price Hits New High, Silver Hits 31-Year High, US Dollar Ticks Lower

From Chris Mullen at GoldSeek.com

The Gold Price rose $11.35 to a new all-time high of $1462.15 by midmorning in New York on Wednesday, before falling back off a bit in the last few hours of trade. Wednesday ended with a Gold Price gain of 0.39%. 

The Gold Price in Euros fell to about €1016. 

The Silver Price surged $0.643 to a new 31-year high of $39.743 before it also fell back off, but it still ended with a gain of 0.59%.

Gold and silver equities rose over 1% at the open, but they then fell back off a bit in midmorning trade and ended near unchanged.

Platinum rose $2 to $1788, and copper climbed over 10 cents to about $4.37.

Oil found slight gains after the Energy Information Administration reported that crude inventories rose 1.95 million barrels, gasoline inventories fell 357,000 barrels, and distillates rose 195,000 barrels.

The US Dollar index fell as the Euro rose ahead of Thursday's expected rate hike from the European Central Bank.

Treasuries fell as the Dow, Nasdaq, and S&P rose on positive company outlooks.

Among the big names making news in the market today were Verizon, Monsanto, Dish and Blockbuster, NYSE and Nasdaq, Fannie Mae, and Cephalon.

Thursday at 8:30am EST brings Initial Jobless Claims for last week, expected at 386,000 and at 3pm is Consumer Credit for February expected at $2.5 billion.

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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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