Gold News

Gold Price Slips 1.2%, Silver Down 2.1% as Dollar Gains, Stocks Drop

From Chris Mullen at

The Gold Price saw slight losses in Asia and London on Monday before it plummeted over $10 at the start of trade in New York and dropped as low as $942.75 an ounce.

The Gold Price then bounced off that low during the rest of US trade, but it still ended with a loss of 1.2% on the day.

The Gold Price in Euros fell to about €669 an ounce.

Oil fell while the US Dollar index and treasuries rose on apprehension over retail sales and earnings reports that sent the Dow, Nasdaq, and S&P roughly 0.5% lower by the end of the day.

Platinum lost $14.50 to $1243.50, and copper fell slightly to about $2.77.

Silver fell hard in London and dropped to as low as $14.28 by about 09:00 in New York before it also rebounded slightly into the close, but it still ended with a loss of 2.1%.

Gold Mining and silver equities fell nearly 3% in the first half hour of trade before they rebounded slightly midday, but they then fell back off a bit in early afternoon trade and ended with over 2% losses.
There were no major European or US data releases on Monday. Tuesday marks that start of the Federal Reserve’s policy meeting that concludes on Wednesday.

At 08:30 EST comes second-quarter US Productivity, expected up 5.4%, and Unit Labor Costs expected down 2.4%. At 10:00 comes the Wholesale Inventories report for June expected at -0.9%.

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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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