Gold News

Gold Prices Ease, Silver Down

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

Gold Prices climbed to a new record high of $1814.84 per ounce at the start of Thursday's trading, but then fell throughout most of trade in New York and ended with a loss of 1.81%.  

Euro Gold Prices meantime fell to under €1233 per ounce.

Silver Prices fell to as low as $37.822 per ounce before rebounding higher in the last couple of hours of trade, but they still ended with a loss of 2.01%.

Silver and Gold Mining stocks waffled on either side of unchanged and ended with around 1% gains.

Platinum gained $24.60 to $1782.85, and copper gained almost 12 cents to about $4.00.

Oil rose over 3% on better than expected economic data that raised demand expectations.

The US Dollar fell as the Euro rose on easing worries about European debt problems.

US Treasuries extended lower after Thursday's$16 billion 30-year note auction sold at a high yield of 3.75% with a bid to cover of 2.08.

The Dow, Nasdaq, and S&P rose about 4% on better than expected jobs data and a strong earnings report from Cisco Systems.

Among the big names making news in the market Thursday were Deere, AOL, New Corp, Citadel, and Cisco.

Friday at 8:30am EST brings Retail Sales for July expected at 0.5%.  Excluding autos, sales are expected at 0.2%.  At 9:55 is Michigan Sentiment for August expected at 62.5 and at 10am is the Business Inventories report for June expected at 0.5%.

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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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