Gold News

Gold Ends Tues 0.9% Higher as Euro, Oil Hit New Record Highs vs. Dollar

From Chris Mullen at GoldSeek.com...

Gold Prices recovered an early fall to $911.65 in Asia on Tuesday, rising throughout most of trade in London and New York and ending near the high of $925.40 per ounce.

That gave the Gold Market a gain of 0.88% for the day. Silver fell to $17.275 and rose to $17.945 before it closed with a gain of 1.8%.

The Gold Price in Euros rose to about €577, platinum gained $14.50 to $2020.50, and copper gained over 10 cents to about $4.00.

Gold and silver equities rose over 1% by about 2 hours into trade, but they then fell back off and ended slightly lower as the major indices dropped and gold and silver started off access hours access trade on a weaker note.

Crude oil rose to a new record intraday high of $119.90 and also made a new closing high on continued supply concerns and a lower US Dollar, unaided by Existing Home Sales data for March coming in as expected, two per cent below Feb.'s reading.

The Euro rose to a new record high above $1.60 as the ECB talked about inflation and lessened expectations for interest rate cuts anytime soon in Europe.

Treasuries rose as the Dow, Nasdaq, and S&P fell about 1% on mostly disappointing earnings reports and record high oil.

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Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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