Gold Slips 1% as US Input-Price Inflation Slides at Record Rate

From Chris Mullen at GoldSeek.com...

Gold traded slightly lower in Asia and London on Tuesday and dropped as low as $730.95 per ounce by the New York opening.

Spot Gold prices then rose to see a $4.30 gain at $746.10 by about noon, but then fell back off into the close and ended with a loss of 1.11% for the session.

Silver fell over 2% to $9.137 and rallied as much as 4.2% to $9.752 before it also fell back off in the last hour and a half of trade, but it still ended with a gain of 2.03%.

The Gold Price in Euros fell to about €562, platinum gained $ 13.50 to $826.50, and copper remained at about $1.65.

Gold and silver equities traded roughly 2% higher in morning trade before they fell back off in afternoon action and ended about 1% lower.

Oil ended lower in mixed trade on more worries over demand as the U.S. dollar index rose on the view that other countries are even worse off than the US.

Treasury bonds rose on economic uncertainty as Core Producer Price Inflation fell a record amount in Oct.'s data, pulled lower by the sinking oil price and pointing to potential deflation.

Homebuilder Sentiment reached a new record low on the NAHB/Wells Fargo Housing Market, down to just 9 with any reading below 50 meaning contraction.

Foreign purchases of US securities leapt to $66.2bn for Sept. against Aug.'s $21bn figure.

The Dow, Nasdaq, and S&P swung around in wild action and ended modestly higher on perhaps some hopes that the worst is over and economic data will start getting better from what in many cases are record low levels.