Gold News

Gold Prices Rise 0.5%, Silver Jumps 3% with Oil, as US Dollar Falls

From Chris Mullen at

Gold Prices rose roughly 0.5% in late Asian trade on Monday and held above $1110 in London before popping to a new session high of $1114.30 shortly after 08:00am  in New York.

The Gold Price then fell back in early New York trade, down as low as $1106.91 by a little after 10:00 ET, but it rallied to a new session high of $1114.55 by late morning and ended with a gain of 0.5% vs. the Dollar.

The Gold Price in Euros rose near €826 an ounce.

Silver climbed as high as $17.413 by late morning and ended with a gain of 3.0%. Platinum gained $30 to $1624, and copper jumped nearly 14 cents to about $3.53.

Gold Mining and silver equities rose almost 2% by late morning and remained near their highs into the close.

Oil climbed almost 3% as the US Dollar index fell and the Euro rose after Greece was able to successfully sell some 7-year bonds.

Treasuries ended higher on tame US inflation data – showing core prices were flat in Feb, while Personal Spending rose less than expected at 0.3% – and on geopolitical worries after two suicide bombings in Russia.

The Dow, Nasdaq, and S&P founds modest gains on news that consumers are still spending.

Tuesday at 09:00 ET brings the Case-Shiller 20-city Home Price Index for January, expected down 0.6%. Then at 10:00 comes US Consumer Confidence for March, expected at 50.0.

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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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