Gold Price Dips, Oil and US Treasury Bonds Rise

Chris Mullen at GoldSeek.com wraps up Thursday's action...

The Gold Price climbed $5.13 to $1619.93 by a little after 8am EST on Thursday before it fell back to $1602.55 by late morning in New York. The Gold Price then rallied back higher in the last couple of hours of trade and ended with a loss of just 0.12%.  

Euro Gold Prices climbed to about €1127.

Silver Prices fell to as low as $39.342 before it also rallied back higher, but it still ended with a loss of 1.97%.

Silver and Gold Mining stocks fell over 2% by midmorning before they rallied back higher midday, but they still ended with about 1% losses.

Platinum lost $15.60 to $1785.20, and copper gained a couple of cents to about $4.46.

Oil edged higher on worries over a tropical storm headed towards the Texas Coast.

The US Dollar rose along with the Dow, Nasdaq, and S&P on better than expected economic data for most of the day, but debt concerns dragged the Dow and S&P back lower by the close.  

US Treasuries remained higher after Thursday's $29 billion 7-year note auction sold at a high yield of 2.28% with a bid to cover of 2.63.

Among the big names making news in the market were Sprint, JetBlue, HSBC, Credit Suisse, Exxon, Time Warner, and Baidu.

Friday at 8:30am EST brings second quarter GDP expected at 1.7%, the GDP Deflator expected at 2.0%, and the Employment Cost Index expected at 0.5%.  At 9:45 is Chicago PMI for July expected at 58.0, and at 9:55 is Michigan Sentiment for July expected at 63.8.

Looking to Buy Gold...?