Gold Gains 0.6% on Monday Even as Dollar Bounces on "Leading Indicators"
From Chris Mullen at GoldSeek.com...
Gold Prices rose to a four-week high of $913.60 by midday in London on Monday, before falling back to $900.50 by late morning in New York.
The Gold Market then rallied back higher in the last couple of hours of trade and ended with a gain of 0.62%.
Crude oil rose to a new record closing high as the Opec oil cartel said they will not increase production, and China continues to deal with the aftermath of last week’s earthquake.
The US Dollar index rose on speculation that consumer prices may rise faster than expected and influence the Federal Reserve to raise interest rates at some point.
The Conference Board's monthly Leading Indicators report also buoyed the greenback, showing slight growth in the US economy for April against forecasts of a slight contraction.
Silver rose to $17.235 and fell to $16.81 before it also rallied back higher and closed with gain of 0.24%.
The Gold Price in Euros rose to about €583, platinum gained $28.50 to $2143, and copper fell over 5 cents to about $3.79.
Gold and silver equities rose over 1% by early afternoon before they fell back off a bit into the close, but they still ended with slight gains.
US Treasury bonds meantime ended slightly higher after the Dow, Nasdaq, and S&P erased nearly all of their early session gains on worries over the health of the economy.
Tuesday at 13:30 GMT brings the US Producer Price Index for April, expected at 0.4% for the month, plus Core PPI – expected at 0.2%.
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