Gold News

Gold Prices End Weds at New Closing High, Silver Jumps to 2.3% to Break $37/Oz

From Chris Mullen at

Gold Prices climbed $13.74 per ounce to as high as $1440.94 by late morning in New York before falling back off a bit in the last few hours of trade, but still ending with a gain of 0.7% at a new record closing high.

The Silver Price climbed to a new 31-year high of $37.24 per ounce at about 1:15pm EST and ended with a gain of 2.3%.

The Gold Price in Euros climbed to over €1018 per ounce. Gold Mining and silver equities rose throughout most of the day and ended with about 3.5% gains.

Platinum gained $22 to $1758, and copper gained 12 cents to about $4.42.

Treasuries fell in price, pushing interest rates higher, after the Federal Reserve bought $7.56 billion in government bonds, but the Dow, Nasdaq, and S&P shrugged of the morning's dismal US housing report and rose in afternoon trade on strength in the mining and energy shares.

New data showed US Home Sales sinking by one-third to the lowest number on record in Feb. The US Dollar index rose, however, as the Euro fell on debt problems in Portugal and Ireland that may delay the ECB's interest rate hike.

Oil rose on increased geopolitical worries after a bomb attack in Jerusalem.  The Energy Information Administration reported that crude inventories rose 2.1 million barrels, gasoline inventories fell 5.3 million barrels, and distillates were unchanged.

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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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