Gold News

Gold Hits $1477, Mining Stocks Lose 4%

From Chris Mullen at

THE GOLD PRICE climbed $7.40 to $1521.80 in Asia Thursday before it fell back to $1496.55 in London and then rebounded to back above $1510 by midmorning in New York. The Gold Price then fell to a new session low of $1477.33 in the last hour of trade and ended with a loss of 2.18%. 

The Euro Gold Price fell to about €1016. 

Silver Prices rose slightly to $39.57 in Asia, but then fell back off for most of the rest of the day and ended near their late morning low of $35.708, with a loss of 8.13%.

Gold and silver mining equities fell throughout most of trade and ended with almost 4% losses.

Platinum lost $56 to $1767.50, and copper fell another 13 cents to about $3.99.

Oil fell markedly to under $100 a barrel as the US Dollar Index jumped higher after European Central Bank President Trichet did not signal another rate increase at the ECB's next meeting in June.

US Treasuries rose as the Dow, Nasdaq, and S&P fell on disappointing jobs data.

Among the big names making news in the market Thursday were GM, Gap, Macy's, Cisco, and Time Warner.

Friday at 8:30am EST brings April's jobs data. Nonfarm Payrolls are expected at 185,000, the Unemployment Rate is expected at 8.8%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.3. At 3pm EST is Consumer Credit for March expected at $4.9 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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