Gold News

Gold Prices, Silver Prices Down, Oil Rises After OPEC Fails To Reach Output Decision

From Chris Mullen at

Gold Prices fell $12.04 to $1530.66 by a little after 8am EST Wednesday before shooting up in early New York trade to see a slight gain at $1542.81 about an hour and a half later. Gold Prices then drifted back lower into the close and ended with a loss of 0.38%.  

Silver Prices dropped to as low as $36.059 before rallying back higher in New York, but they still ended with a loss of 1.24%.

Euro Gold Prices climbed back over €1052. 

Gold Mining and silver equities fell over 2% by late morning and remained near that level for the rest of the day.

Platinum lost $5.50 to $1818.50, and copper fell 4 cents to about $4.11.

Oil climbed back above $100 a barrel after OPEC surprisingly failed to come to a decision on output levels.  The Energy Information Administration reported that crude inventories fell 4.9 million barrels, gasoline inventories rose 2.2 million barrels, and distillates rose 810,000 barrels.

The US dollar rose against major currencies on concerns over global economic growth that encouraged cash raising.

US Treasuries remained higher after today's $21 billion 10-year note auction drew a high yield of 2.967% with a bid to cover of 3.23.

The Dow, Nasdaq, and S&P fell on worries over rising oil prices and poor earnings reports.

Among the big names making news in the market Wednesday were Morgan Stanley, Wells Fargo, Facebook, Axa and Citigroup, and McDonald’s.

The Federal Reserve's Beige Book said the economy expanded at a "steady pace" in most of the US while slowing in four of 12 regions as consumers contended with higher food and fuel prices and shortages of parts reduced auto production.

Thursday at 8:30am EST brings Initial Jobless Claims for 6/04 expected at 423,000 and the Trade Balance for April expected at -$48.7 billion.  At 10am is the Wholesale Inventories report for April 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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