From Chris Mullen at GoldSeek.com...
The Gold Price rose Tuesday over $10 as high as $936.40 by midday in London before the Gold Market then fell back near unchanged and ended New York trade with a gain of just 0.29% at $928.15 per ounce.
Oil rose to a new record high near $114 on more supply worries as US imports from Venezuela were reported 18% down, several Mexican ports closed down due to bad weather, and Russia’s total oil exports slid 1% for the first three months of 2008 from the same period last year.
These supply shortfalls added to Monday’s reports of a temporary US pipeline shutdown plus fresh unrest in Nigeria, while Opec – the oil cartel – remains at current output levels with no signs of an increase.
The US Dollar index rose and Treasuries fell as economic data came in higher than expected – led by Producer Price inflation, up 1.1% in March from Feb. – pushing open-market interest rates up.
Movements were relatively limited, however, as traders waited for Wednesday’s Consumer Price data to help confirm or deny an economic rebound and/or higher inflation readings.
Silver prices rose as high as $18.04 in Asia before they fell as low as $17.67 by midmorning in New York. Silver ended with a gain of 0.17%.
The Gold Price in Euros rose to about €588, platinum gained $10 to $1970, and copper fell over 3 cents to about $3.89.
Gold and silver equities traded roughly 1% higher for most of the day and ended near their highs of the session with about 1.25% gains.
The Dow, Nasdaq, and S&P traded mixed in low volume before ultimately ending higher on mostly better then expected earnings reports.
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