Gold News

Gold Price Drops 3%, Silver Drops Nearly 5% as Rising Dollar Dents Crude Oil Ahead of US Jobs Data

From Chris Mullen at

Gold Prices fell throughout most of world trade and ended near the late session low of $1374.80 with a loss of 3.01%.

The Gold Price in Euros fell to about €1034 per ounce.

The Silver Price accelerated overnight losses in New York and ended near its early afternoon low of $29.33 with a loss of 4.9%.

Platinum lost $35.25 to $1741.75, and copper dropped 9 cents to about $4.36.

Gold Mining and silver equities fell over 3% by early afternoon before they rebounded a bit, but they still ended with over 2% losses.

Oil fell below $90 as the US Dollar index rose on hopes for a rebounding US economy.

Treasuries fell slightly while the Dow, Nasdaq, and S&P waffled near unchanged and ended mixed as market participants waited for important job reports later in the week.

Minutes from the US Fed's last meeting showed that members thought there was not enough positive economic data to alter their plans for QE2.

Wednesday at 08:15 EST brings ADP Employment for December, expected at 100,000, and at 10:00 comes the ISM Services report for December, expected at 55.7.

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Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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