Gold News

Gold Prices Ease Back after Record

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

Gold Prices hovered near unchanged in Thursday's Asian and London trade, before it shooting up to a new record high of $1681.74 per ounce by late morning in New York. Gold Prices then fell back off rather markedly midday New York time and ended with a loss of 0.43%.  

The Gold Price in Euros climbed to a new all-time high above €1170.

Silver Prices rose to as high as $42.213 before they too fell back off in late trade and ended near their late session low of $39.16 with a loss of 5.35%.

Silver and Gold Mining stocks fell throughout most of trade and ended with about 6% losses.

Platinum lost $52.25 to $1724.50, and copper dropped another 9 cents to about $4.23.

Oil fell almost 6% to its lowest since February 18th on increased worries over falling energy demand in a slowing global economy.

The US Dollar jumped higher as the Yen fell over 2% after Japan intervened to curb its strength to support the country's export-led economy.  

The Dollar extended gains against the Euro Thursday after European Central Bank President Jean-Claude Trichet took steps that implied he is more worried about the continent's sovereign-debt crisis spreading to larger economies and bond markets.

US Treasuries rose as the Dow, Nasdaq, and S&P fell about 5% more on lingering fears about debt and a possible recession.

Among the big names making news in the market Thursday were Southwest, Kraft, GM, Fidelity, Limited, and Macy's.

Friday at 8:30am EST brings July's jobs data.  Nonfarm Payrolls are expected at 84,000, the Unemployment Rate is expected at 9.2%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.3.  At 3pm is Consumer Credit for June expected at $5.0 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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