Gold Holds Steady, Silver and Commodities Rebound

From Chris Mullen at GoldSeek.com...

THE GOLD PRICE climbed to $1510.34 in Asia on Monday, before falling back to $1498.65 in London.

Gold Prices then rose to a new session high of $1511.46 in New York and ended with a gain of 0.76%.  

The Euro Gold Price rose to about €1051.

Silver Prices meanwhile climbed to as high as $37.955 at about 7am EST before falling a bit. Silver Prices ended Monday with a gain of 4.97%.

Gold Mining and silver equities rose over 1% at the open before they fell back near unchanged in midmorning trade, but they then rallied back higher into the close and ended with about 2% gains.

Platinum gained $3.30 to $1784, and copper gained 4 cents to about $4.00.

Oil surged 5.5% higher on the view that last week's commodity correction was overdone.

The US Dollar reversed midday gains against major currencies and ended lower on mixed worries over Greece's debt after S&P downgraded their rating to B from BB-. US Treasuries meanwhile were steady to lower on Monday, with investors turning away from bonds in favor of commodities and stocks ahead of the sale of $72 billion of US government debt this week.

The Dow, Nasdaq, and S&P rose on the rebound in commodities.

Among the big names making news in the market Monday were LinkedIn, Apple, Google, Hertz, Dollar Thrifty, and Deere.

Tuesday at 8:30am EST brings Export and Import Prices for April and at 10am is the Wholesale Inventories report for March, expected at 1.0%.

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