Gold News

Gold Prices Dip after Euro Cheap Loan Plan Revealed

Chris Mullen at wraps up Thursday's action...

Gold Prices rose about 0.5% to $1604.35 in Thursday's Asian trade, and were mostly slightly higher in London, but it then dropped in early afternoon New York trade and ended near their late session low of $1584.50 with a loss of 0.55%.  

Euro Gold Prices fell to about €1104.

Silver Prices climbed to as high as $40.343 in Asia before they too fell back off in late trade and ended near their session low of $38.842 with a loss of 1.34%.

Gold and silver equities saw slight gains in the first half hour of trade, but they then fell about 0.5% by midafternoon and remained near that level for the rest of Thursday.

Platinum gained $11 to $1782.00, and copper dropped 5 cents to about $4.38.

Oil rose as the US Dollar fell after a draft plan by European officials to provide cheap loans to Greece and other heavily indebted Eurozone countries eased fears of contagion and sent the Euro higher.

US Treasuries fell as the Dow, Nasdaq, and S&P rose over 1% on relief over calming debt concerns in Europe.

Among the big names making news in the market today were Express Scripts and Medco, Travelers, Morgan Stanley, Cisco, Genworth, and Boeing.

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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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