Gold News

Gold Price Gains, Silver Slips As Moody's Downgrades Greece

From Chris Mullen at

The Gold Price fell $5.95 to $1528.95 in Asia Wednesday, but it then climbed to as high as $1550.15 by midday in New York, ending with a gain of 0.46%.  

The Silver Price slipped to $37.54 in midmorning New York trade before it surged up to $38.42, but it then fell back off into the close and ended with a loss of 1.88%.

The Euro Gold Price rose to over €1072. 

Gold Mining and silver equities traded mostly slightly lower and ended with almost 2% losses.

Platinum lost $6.25 to $1820, and copper fell 7 cents to about $4.10.

Oil fell on more poor economic data that further reduced demand expectations.

The US Dollar turned higher in late trade and ended with a slight gain after a Moody's downgrade of Greece sent the Euro lower.

US Treasuries rose as the Dow, Nasdaq, and S&P fell markedly on worries over another batch of worse-than-expected economic data.

Among the big names making news in the market Wednesday were GM, Marathon Oil, Google, Sealed Air, and Allstate.

Thursday at 8:30am EST brings Initial Jobless Claims for 5/28 expected at 413,000, first quarter Productivity expected at 1.6%, and Unit Labor Costs expected at 0.9%.  At 10am is the Factory Orders report for April expected at -1.0%.

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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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