Gold News

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

From Chris Mullen at GoldSeek.com...

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%.

Want to Buy Gold today, sidestepping the middleman and reducing counterparty risks to zero? Read on if you're Ready 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