Gold News

Gold Prices Gain, Dollar Weakens on Soft Economic Data

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

Gold Prices surged to a new all-time high of $1672.43 in Wednesday's Asian trade, before stalling a bit in London and New York, but they still ended with a gain of 1.29%.  

Euro Gold Prices also climbed to a new all-time high above €1162.

Silver Prices soared to as high as $42.014 by early afternoon in New York and ended with a gain of 3.86%.

Silver and Gold Mining stocks traded mostly modestly higher and ended with about 1% gains.

Platinum lost $11.50 to $1776.75, and copper dropped 7 cents to about $4.32.

Oil extended lower after the Energy Information Administration reported that crude inventories rose 1.0 million barrels, gasoline inventories rose 1.7 million barrels, and distillates rose 400,000 barrels.

The US Dollar fell on Wednesday morning's poor ISM Services report.  

The Swiss National Bank announced a shock cut in interest rates and threatened more action to cap a soaring Swiss Franc, but the impact was expected to be short-lived given the currency's safe-haven appeal amid mounting concerns about global growth.

US Treasuries rose while the Dow, Nasdaq, and S&P reversed early losses and ended higher for the first time in nine days.

Among the big names making news in the market Wednesday were Wal-Mart, Clorox, Comcast, Verizon, MasterCard, and Google.

Thursday at 8:30am EST brings Initial Jobless Claims for 7/30 expected at 405,000.

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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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