Gold News

Gold, Silver & Mining Stocks Fall as Dollar Rallies, US Data Disappoints Wall Street

From Chris Mullen at

The Gold Price climbed as much as $7.50 to $989.95 in Asia on Wednesday, but it then fell back for most of London and New York trade, ending near its low of $961.85 with a loss of 1.8% for the session.

The Gold Price in Euros fell €7 per ounce to €682.

Silver rose $0.31 to $16.23 by late trade in Asia before it also fell back off for most of the rest of trade and ended near its low of $15.253 with a loss of 3.5%.

Platinum lost $1 to $1233, and copper fell nearly 9 cents to about $2.21.

Gold Mining and silver equities fell to see over 7% losses by early afternoon before they rallied off their lows a bit in the last couple of hours of trade, but they still ended with roughly 6% losses.

Treasuries rose as the Dow, Nasdaq, and S&P fell about 1% on worse than expected economic data – led by 532,000 job losses for May on the ADP report – that dampened recent hopes over a strengthening economy.

Oil fell as US crude inventories surprisingly climbed 2.9 million barrels, gasoline inventories fell 200,000 barrels, and distillates rose 1.6 million barrels.

The US Dollar index suspended its recent freefall on supposed reassurances that Asian central banks will continue to buy treasuries even if US debt is downgraded.

Thursday brings central bank decisions from the BoE and ECB that are expected to keep rates unchanged in Europe.

US data at 13:30 BST brings Initial Jobless Claims for last week, first quarter Productivity – expected up 1.2% – and Unit Labor Costs expected up 2.9%.

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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