Gold News

Gold Price Dips, Oil and US Treasury Bonds Rise

Chris Mullen at 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...?

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.

See the full archive of Chris Mullen articles


Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals