Gold News

Gold Price Climbs, New Record for Gold in Euros, Dollar Hovers

From Chris Mullen at

The Gold Price climbed to as high as $1532.19 before it fell back off a bit in late trade on Wednesday, but it still ended with a gain of 0.2%.  

Silver Prices climbed to as high as $37.89 and ended with a gain of 3.92%.

The Euro Gold Price climbed to a new all-time high above €1083. 

Gold Mining and silver equities rose over 1% by late morning and remained near that level for the rest of Wednesday.

Platinum lost $10.25 to $1774.50, and copper climbed 9 cents to about $4.10.

Oil climbed above $101 a barrel after the Energy Information Administration reported that crude inventories rose 600,000 barrels, gasoline inventories rose 3.8 million barrels, and distillates fell 2.0 million barrels.

The US dollar waffled near unchanged amid uncertainty over Greece's debt crisis.

US Treasuries rose after Wednesday's $35 billion 5-year note auction sold at a high yield of 1.813% with a bid to cover of 3.2.

The Dow, Nasdaq, and S&P reversed early losses and ended higher on a rebound in commodities.

Among the big names making news in the market Wednsday were Costco, AIG, California Pizza Kitchen, Polo Ralph Lauren, and Zynga.

Thursday at 8:30am EST brings Initial Jobless Claims for 5/21 expected at 400,000 and first quarter GDP expected at 2.0%.  The GDP Deflator is expected at 1.9%.

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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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