Gold News

Gold Price Sets New Record NY Close

Chris Mullen of GoldSeek.com wraps up Tuesday's action...

The Gold Price traded in a tight range during Tuesday's Asian and London trading, but it then moved steadily higher in the last few hours of trade in New York and ended with a gain of 0.27% at a new record closing high of $1616.20.  

The Euro Gold Price fell to about €1115.

Silver Prices briefly dipped back under $40 in New York before they too rallied back higher in late trade and ended with a gain of 1.14%.

Silver and Gold Mining stocks waffled near unchanged and ended mixed.

Platinum gained $16.75 to $1804, and copper gained over 7 cents to about $4.47.

Oil rose as the US Dollar fell on continued worries about the lack of a deal on the deficit.

US Treasuries remained higher after Tuesday's $35 billion 2-year note auction sold at a high yield of 0.417% with a bid to cover of 3.14.

The Dow, Nasdaq, and S&P traded mostly slightly lower on worries over debt.

Among the big names making news in the market Tuesday were American Apparel, UPS, Chrysler, 3M, Ford, and Books-A-Million and Borders.

Wednesday at 8:30am EST brings Durable Goods Orders for June expected at 0.5%.  Excluding transportation, orders are still expected at 0.5%.  At 2pm is the release of the US Federal Reserve's Beige Book for July.

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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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