Gold News

Gold Price Dips Slightly, Silver Falls As Bank of Japan Sounds Economy Warning

From Chris Mullen at GoldSeek.com...

The Gold Price rose $6.84 to $1497.54 in Asia on Tuesday, and traded slightly higher in London for the most part, but it then fell back off for most of trade in New York and ended near its late morning low of $1471.65 with a loss of 0.72%.  

Silver Prices fell over a dollar to as low as $33.015 by midday in New York before bouncing back higher in afternoon trade, but still ended with a loss of 1.73%.

The Euro Gold Price fell to about €1043.

Gold Mining and silver equities fell about 1% by late morning, but they then rallied back higher in afternoon trade and ended with almost 1% gains.

Platinum gained $9.70 to $1761.20, and copper remained near $4.00.

Oil fell on disappointing economic data that reduced demand expectations.

The Yen dropped the most in almost three weeks versus the Dollar after Bank of Japan Governor Masaaki Shirakawa said the Japanese economy is in a "very severe" state, fueling bets monetary policy may be eased further.

US Treasuries rose as the Dow, Nasdaq, and S&P mostly fell on a poor forecast from Hewlett-Packard.

Among the big names making news in the market Tuesday were Google, Home Depot, Hewlett-Packard, Citigroup, and Wal-Mart.

Wednesday at 2pm EST brings FOMC Minutes from the Fed’s May meeting.

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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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