Gold News

Gold Price Down 2.1% as US Dollar, Treasuries Show Strength

From Chris Mullen at

The Gold Price fell $37.69 to as low as $1514.71 by late morning Thursday in New York, before bouncing back higher in the last couple of hours of trade, but it still ended with a loss of 2.1%.  

Silver Prices dropped to as low as $34.797 and ended with a loss of 4.34%.

The Euro Gold Price slumped to about €1071. 

Gold Mining and silver equities fell over 3% by midmorning before they rebounded in late trade, but they still ended with about 1% losses.

Platinum lost $56.50 to $1692.50, and copper fell 5 cents to about $4.04.

Oil fell by over 4% on surprising news that International Energy Agency "will release 60 million barrels of oil into world market in the coming month to counter lost production in Libya."

The US Dollar rose as the Euro fell on global growth concerns and worries over debt, but late session news that Greece has reached a deal with the EU and IMF pared those moves a bit.

US Treasuries rose as the Dow and S&P mostly fell on poor jobs data and plummeting commodity prices, but the Nasdaq was able to find some late session gains on hopes that consumers will get some relief from falling prices.

Among the big names making news in the market Thursday were the LSE, Nissan, Oracle, Lennar, Yahoo, and Porsche.

Friday at 8:30am EST brings first quarter GDP expected at 1.8%, the GDP Deflator expected at 1.9%, and Durable Goods Orders for May expected at 1.5%.  Excluding Transportation, orders are expected at 0.7%.

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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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