Gold News

Gold Price Hits $1672, Euro Tanks

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

The Gold Price saw decent gains in Asia and London, and then accelerated even higher in New York, ending the session near its late session high of $1643.79 with a gain of 1.48% at a new all-time high.  

The Silver Price soared to as high as $40.355 and ended with a gain of 2.29%.  

The Dollar Gold Price rose new highs in Asian trade trade as well – hitting $1672 per ounce as London opened on Wednesday morning.

The Euro Gold Price meantime climbed to a new all-time high above €1179 Wednesday morning.

Back to Tuesday, and silver and Gold Mining stocks rose about 2% by midday in New York  and remained near that level for the rest of the day.

Platinum gained $1 to $1788.25, and copper fell slightly to about $4.39.

Oil fell on concerns about a weak economy and slowing energy demand.

The US Dollar found slight gains as the Euro dropped to a new record low versus the Swiss Franc.

US Treasuries added to early gains after the senate passed the debt-limit increase as expected.

The Dow, Nasdaq, and S&P fell over 2% on worries about debt and slow economic growth.

Among the big names making news in the market Tuesday were GM, Toyota, Pfizer, Fresenius Medical and Liberty Dialysis, and McGraw-Hill.

Wednesday at 8:15am EST brings ADP Employment for July expected at 100,000 and at 10am is the ISM Services report for July expected at 53.7 and Factory Orders for June 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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