Gold News

Gold Prices Fall, Silver Tumbles 8%

From Chris Mullen at

GOLD PRICES rose almost $10 to $1526.50 in Asia on Wednesday, but then fell back off for most of the rest of trade in London and New York. Gold Prices ended near their early afternoon low of $1495.63 with a loss of 1.05%. 

Euro Gold Prices remained at about €1056.

Silver Prices surged almost a Dollar to as high as $39.493 before falling back off. Silver Prices ended near their early afternoon low of $35.132 with a loss of 8%.

Gold Mining and silver equities fell throughout most of trade and ended with about 4% losses.

Platinum lost $19 to $1773.50, and copper dropped 9 cents to about $3.94.

Oil drifted lower after the Energy Information Administration reported that crude inventories rose 3.8 million barrels, gasoline inventories rose 1.3 million barrels, and distillates fell 800,000 barrels.

The US Dollar rose against major currencies, while the Euro fell on increased concerns over sovereign debt problems in Greece and Portugal.

US Treasuries remained higher after today’s $24 billion 10-year note auction sold at a high yield of 3.21% with a bid to cover of 3.00.

The Dow, Nasdaq, and S&P fell on poor earnings reports and a renewed downturn in commodities.

Among the big names making news in the market today were Disney, Toyota, HSBC, AIG, Macy’s, and Intel.

Thursday at 8:30am EST brings Initial Jobless Claims for 7 May, expected at 423,000, PPI for April expected at 0.5%, Core PPI expected at 0.2%, and Retail Sales for April expected at 0.6%. Excluding autos, sales are expected at 0.5%. At 10am is the Business Inventories report for March, expected at 0.9%.

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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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