Gold News

Gold Price Dips Slightly, Silver Up As Dollar Falls On China Currency Warning

From Chris Mullen at

The Gold Price climbed $4.49 to $1550.09 in London on Tuesday, but it then fell back off in late morning New York trade and ended near its midday low of $1536.25, making a loss of 0.19%.  

Silver Prices surged to as high as $37.502 in London before they too fell back off in New York and dropped to as low as $36.48 by late morning. They then bounced back higher in afternoon trade and ended with a gain of 0.71%.

The Euro Gold Price fell to €1051. 

Gold Mining and silver equities waffled near unchanged and ended with modest losses.

Platinum gained $14.75 to $1824, and copper climbed slightly to about $4.15.

Oil ended slightly higher as traders await official word on quotas that should be out Wednesday following OPEC's meeting in Vienna.

 The US Dollar fell after a senior Chinese currency regulator repeated warnings about investing too heavily in dollar-denominated assets.

US Treasuries fell as the Dow, Nasdaq, and S&P mostly rose on expectations that Bernanke would remain dovish in Tuesday's speech, but stocks then turned lower as Bernanke actually began to speak in the last 15 minutes of trade.  Tuesday's $32 billion 3-year note auction drew a high yield of 0.765% with a bid to cover of 3.28.

Among the big names making news in the market Tuesday were Goldman Sachs, GE, Capital One, ING, Lehman and Barclays, and Ford.

Wednesday at 2pm EST brings the Fed's Beige Book from June.

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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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