Gold News

Gold Price Dips 0.6% on Dollar Bounce; Treasury Bonds Fall, Stocks Flat

From Chris Mullen at GoldSeek.com...

The Gold Price rose nearly 1% to $952.95 by early trade in London on Thursday, but it then fell back off for most of the rest of trade and ended the Comex session in New York with a loss of 0.55%.

Silver rose to $18.74 before it fell to as low as $18.145 by late morning in New York, rallying to end with a loss of 0.27%.

The Gold Price in Euros slipped to €591, platinum gained $29 to $2048.50, and copper fell nearly 5 cents to about $3.94.

Oil rose to a new record intraday high at $115.54 before it pulled back off bit in afternoon trade as some supply concerns eased, but it still looks set to end near its new record closing high set yesterday.

The US Dollar index rose from Wednesday’s new record low after comments from Euro-group Chairman Juncker turned the Euro lower, but a weaker than expected reading from the Philadelphia Fed – down to minus 24.9 against minus 15 forecast - encouraged fresh Dollar selling later in the day.

Treasury bonds meantime fell despite weak US economic data showing a surprise jump in new jobless claims. Stock indices also fell. Gold and silver mining stocks fell about 1.5% by midmorning and remained near that level for the rest of trade.

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Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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