Gold News

Gold Price Falls, Silver Down Sharply, Oil, Dollar Lose Ground

From Chris Mullen at

The Gold Price waffled near unchanged for most of trade in Asia and London on Monday, but then fell off rather markedly in New York and ended near its late session low of $1510.94, registering a loss of 0.92%.  

The Euro Gold Price meantime fell to about €1053.

The Silver Price fell to as low as $34.553 and lost 3.97%.

Gold Mining and silver equities fell about 2% by early afternoon, but they then rallied back higher in the last few hours of trade and ended with only about 1% losses.

Platinum lost $34.25 to $1791.75, and copper fell a couple of cents to about $4.03.

Oil fell on worries over weak economic growth.

The US Dollar fell while the Euro rose on hopes that Greece's debt problems will be resolved soon.

US Treasuries ended slightly lower as the Dow, Nasdaq, and S&P struggled to find gains and ended mixed on economic and debt worries.

Among the big names making news in the market Monday were Apple, Roark Capital, Arby's, Transatlantic and Allied World, Ford, Honeywell and EMS Technologies, Perkins and Marie Callender’s, and Sino-Forest.

There were no major economic reports on Monday.  Tuesday at 8:30am EST brings PPI for May expected at 0.1%, Core PPI expected at 0.2%, and Retail Sales for May expected at -0.7%.  Excluding autos, sales are expected at 0.2%.  At 10am is the Business Inventories 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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