Gold News

Gold Prices Dip Slightly, Silver Falls After "Tentative" Greece Agreement Rumored

From Chris Mullen at

Gold Prices waffled near unchanged in Asia and London on Thursday, before falling rather markedly in midmorning New York trade, dropping as low as $1519 by about 11:30am EST. The Gold Price then bounced back higher in the last couple of hours of trade and ended with a loss of just 0.67%.  

Euro Gold Prices fell to about €1057. 

Silver Prices meantime fell to as low as $35.60, before they also bounced back higher in late trade, but still ended with a loss of 3.7%.

Gold Mining and silver equities fell over 2% by late morning, but they then rallied back higher in afternoon trade and ended only slightly lower.

Platinum lost $9.50 to $1810.50, and copper fell a couple of cents to about $4.08.

Oil rose in late trade Thursday and ended slightly higher as the US dollar fell against major currencies on more poor economic data and word of a "tentative agreement to extend loans to Greece for three years" that sent the Euro higher.

US Treasuries fell as the Dow, Nasdaq, and S&P shrugged off poor sales reports and weak economic data and ended near unchanged on the day.

Among the big names making news in the market Thursday were Groupon, Moody’s, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Microsoft, Gores Group, and Google.

Friday at 8:30am EDT brings May's jobs data.  Nonfarm Payrolls are expected at 169,000, the Unemployment Rate is expected at 9.0%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.3.  At 10am is the ISM Services report for May expected at 53.3.

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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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