Gold News

Gold Price Slips as Dollar Bounces, Oil Drops from New Record High

From Chris Mullen at

Gold Prices rose almost 1% as high as $935.20 by late trade in Asia on Thursday, but then fell back off in choppy action for the rest of trade in London and New York.

Oil rose to as high as $135.09 after the Opec oil cartel stated they can do nothing to stop the rise in prices. Profit taking then took over in New York and oil ended about 2% lower on speculation that higher prices may finally be cutting into demand.

The US Dollar index rose on short covering after steep losses during the previous two sessions. A better than expected US jobless report raised hopes over the economy after Wednesday's grim view given in the Federal Reserve’s latest policy-meeting minutes.

US Treasury bonds fell again on inflation concerns, while the Dow, Nasdaq, and S&P rebounded slightly from the severe drops of the past two sessions on relief over lower oil prices.

Silver rose over 1% in Asia to as high as $18.19 before it dropped to as low as $17.71 by midday in London, but it then rallied back higher in New York and ended with a loss of just 0.28%.

The Gold Price in Euros fell to about €585, platinum lost $18.50 to $2168, and copper fell a few cents to about $3.72.

For US Dollar investors, Gold ended near its low of $917.25 with a loss of 1.03%.

Gold and silver equities saw slight gains at the open before they slowly fell back off and saw over 2% losses by early afternoon, but they then rallied back higher in late trade and ended only about 1% lower.

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Adrian Ash

Adrian Ash, BullionVault Gold News

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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