Gold Price Slips as Dollar Bounces, Oil Drops from New Record High
From Chris Mullen at GoldSeek.com...
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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