Gold News

Gold Prices Gain Slightly, Silver Jumps, Oil Up On Supply Fears

From Chris Mullen at

Gold Prices fell $3.77 to $1533.13 in London Thursday morning before jumping to $1540.65 in early New York trade and then falling back to roughly unchanged by about 10:30am EST. Gold Prices then jumped to a new session high of $1549.40 by late morning and ended with a gain of 0.31%.  

Silver Prices climbed to as high as $37.578 and ended with a gain of 1.83%.

Euro Gold Prices rose to almost €1063. 

Gold Mining and silver equities rose over 2% by midday and remained near that level for the rest of the day.

Platinum gained $19 to $1837.50, and copper remained near $4.11.

Oil rose on worries over insufficient supplies.

The US dollar rose as the Euro dropped after European Central Bank President Jean-Claude Trichet signaled a widely-expected July rate hike while hinting that further increases could be a ways off.

US Treasuries turned lower after Thursday's $13 billion 30-year note auction sold at a high yield of 4.238% with a bid to cover of 2.63.

The Dow, Nasdaq, and S&P rose on economic optimism after an unexpectedly large increase in US exports reduced April's trade deficit.

Among the big names making news in the market Thursday were Wells Fargo, Bank of America, JPMorgan Chase, Citigroup, Goldman Sachs, IHOP, Red Lobster, and Exxon.

Friday at 8:30am EST brings Import and Export Prices for May and at 2pm is the Treasury Budget for May at expected at -$59.0 billion.

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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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