Gold News

Gold Prices Gain, Silver Up, Treasuries Rise on US Economy Worries

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

Gold Prices fell back to $1777.50 per ounce by late Wednesday morning in New York, but then rallied back higher in the last couple of hours of trade and ended with a gain of 0.44% at a new record closing high.  

Euro Gold Prices climbed to over €1239.

Silver Prices fell back to $39.72 in the next hour or so of trade, but it also rallied back higher into the close and ended with a gain of 1.21%.

Silver and Gold Mining stocks rose over 2% in the first half hour of trade before they fell back to almost unchanged by midday, but they then rallied back higher in afternoon trade and ended with about 1% gains.

Platinum gained $22.25 to $1834.75, and copper gained a few cents to about $4.03.

Oil pared early gains after the Energy Information Administration reported that crude inventories rose 4.23 million barrels, gasoline inventories fell 3.51 million barrels, and distillates rose 2.4 million barrels, but it still ended over 1% higher on the day.

The US Dollar fell as the Swiss Franc shot higher after the Swiss National Bank chose not to peg the currency with the Euro.

US Treasuries rose on worries about the economy that kept the Dow, Nasdaq, and S&P near unchanged despite some strong earnings reports.

Among the big names making news in the market Wednesday were Bank of America, Staples, SABMiller, and Target.

Thursday at 8:30am brings Initial Jobless Claims for 8/13 expected at 400,000, CPI for July expected at 0.2%, and Core PPI expected at 0.2%.  At 10am brings Existing Home Sales for July expected at 4,870,000, the Philadelphia Fed for August expected at 1.0, and Leading Economic Indicators for July expected at 0.2%.

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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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