Gold News

Gold and Silver Prices Fall, Dollar Hits 3 Year Low

From Chris Mullen at

THE GOLD PRICE fell $10.50 to $1529.50 in London Wednesday before it rebounded and saw a slight gain at $1543.09 at about 8:30am EST. The Gold Price then fell to a new session low of $1506.05 by early afternoon in New York and ended with a loss of 1.66%.

The Euro Gold Price fell to about €1019. 

Silver Prices fell to as low as $38.962 by early afternoon Wednesday in New York and ended with a loss of 7.09%.

Gold and silver mining equities fell roughly 2% by early afternoon, but they then rallied back higher for most of the rest of trade and ended near unchanged.

Platinum lost $16.50 to $1823.50, and copper fell 12 cents to about $4.12.

Oil fell after the Energy Information Administration reported that crude inventories rose 3.4 million barrels, gasoline inventories fell 1.0 million barrels, and distillates fell 1.0 million barrels.

The Dollar fell to a fresh three-year low on Wednesday and the Euro briefly rose above $1.49 as weaker-than-expected US employment data convinced investors that US interest rates would remain low this year.

Treasuries rose as the Dow, Nasdaq, and S&P fell on worse than expected economic data.

Among the big names making news in the market Wednesday were ConAgra, AOL, Glencore, GM, and Applied Materials.

Thursday at 8:30am EST brings Initial Jobless Claims for April 30, expected at 400,000, first quarter Productivity expected at 1.0%, and Unit Labor Costs expected at 0.8%.

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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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