Gold News

Gold Price at $1467, Silver Down 1.33%

From Chris Mullen at GoldSeek.com

THE GOLD PRICE reversed overnight losses and rose to see a $0.59 gain at $1467.29 by about 9am EST Tuesday before it dropped back down to as low as $1444.08 by midmorning in New York. The Gold Price then bounced back higher in late trade and ended with a loss of just 0.93%. 

The Gold Price in Euros fell to about €1003. 

The Silver Price climbed to as high as $40.878 before it dropped to as low as $39.72. The Silver Price then bounced back higher in late trade, but it still ended with a loss of 1.33%.

Gold and silver equities fell about 1.5% by midmorning Tuesday, New York time, and remained near that level for the rest of the day.

Platinum lost $14.50 to $1767, and copper dropped almost 8 cents to about $4.38.

Oil extended Monday's losses on Goldman Sachs’ warning for a "substantial pullback."

The US Dollar Index fell Tuesday as the Euro rose following a higher than expected reading in German inflation and the Yen rose on increased nuclear fears in Japan.

Treasuries remained higher after Tuesday's $32 billion 3-year note auction drew a high yield of 1.28% with a bid to cover of 3.25.

The Dow, NASDAQ, and S&P fell after Japan raised the alert level on its nuclear crisis.

Among the big names making news in the market Tuesday were Bank of America, BP, and Cisco.

Wednesday 8:30am EST brings Retail Sales for March expected at 0.5%. Excluding autos, sales are expected at 0.7%. At 10am EST is the Business Inventories report for February expected at 0.8% and at 2pm EST is the release of the US Federal Reserve's Beige Book from April.

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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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