Gold News

Gold Price Comes Close to Record Closing High

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

The Gold Price rose to as high as $1786.54 per ounce in New York on Tuesday and then stabilized a bit in late trade, ending with a gain of 1.59% and just fifty cents away from last Wednesday's record closing high.  

The Euro Gold Price climbed to almost €1239

The Silver Price rose to as high as $40.11 per ounce in New York and ended with a gain of 1.17%.

Silver and Gold Mining stocks followed the major indices about 1% lower by early afternoon and remained near that level for the rest of the day

Platinum gained $22.50 to $1812.50, and copper fell a few cents to about $4.00.

Oil fell on fears about waning energy demand.

The US Dollar rose slightly as the Euro fell on worries about debt problems and slow economic growth in Europe.

French president Nicolas Sarkozy and German chancellor Angela Merkel said after their meeting today that they have agreed to float proposals in September for a tax on financial transactions and push for closer joint governance of economic policy.  

They also said that there is no need for a Eurobond and that the European Financial Stability Facility (EFSF) should not be expanded, but many disagree with those assertions.

US Treasuries rose as the Dow, Nasdaq, and S&P fell on fears about a slowing global economy with notable debt problems.

Wednesday at 8:30am EST brings PPI for July expected at 0.0% and Core PPI expected at 0.2%.

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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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