Gold News

Gold Price Hits $1475, Silver Reaches New 31-Year High, US Dollar Gains Slightly

From Chris Mullen at GoldSeek.com

THE GOLD PRICE climbed to a new all-time high of $1475.60 in Asia Monday, before falling back to $1463.70 in London and then bouncing back higher in New York. The Gold Price ended down 0.41%.  

The Gold Price in Euros fell to under €1016.

Silver Prices surged to a new 31-year high of $41.94 in Asia before falling back to as low as $40.555 in early afternoon Monday New York trade. Silver Prices ended down 0.1%.  Both metals were falling in after hours access trade.

Gold and silver equities saw only slight losses for most of the morning, but they then accelerated lower in afternoon trade and ended with almost 3% losses.

Platinum lost $22.50 to $1781.50, and copper fell over 4 cents to about $4.46.

Oil fell on a possible peace agreement in Libya and on word that Goldman Sachs was closing out a commodities trade initiated in late 2010 that included oil.

The US Dollar Index found slight gains Monday after the government averted a shutdown with a last minute deal last Friday night.

Treasuries saw modest losses ahead of this week’s auction of $66 billion of new Treasuries.

The Dow, NASDAQ, and S&P ended near unchanged on worries over upcoming earnings reports.

Among the big names making news in the market Monday were JPMorgan, PIMCO, Schneider Electric, Nasdaq, and Level 3 and Global Crossing.

There were no major economic reports.  Tuesday at 8:30am EST brings Import and Export Prices for March and the Trade Balance for February expected at -$45.7 billion. At 2pm is the Treasury Budget for March expected at -$189.0 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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