Gold News

Gold Ends Monday Unchanged as Dollar Rallies, Treasuries Fall on Surprise US Retail Data

From Chris Mullen at GoldSeek.com...

Gold Prices fell Monday to $914.10 in Asia and then rose to $931.82 by mid-morning in New York before falling back off a bit in the last few hours of trade.

The price of Gold still ended with a gain of 0.17%. Silver fell to $17.245 and rose to $17.87 before it closed with a gain of 0.57% for the session.

The Gold Price in Euros remained at about €585, platinum lost $39.50 to $1960, and copper fell nearly 5 cents to about $3.92.

Gold and silver equities traded slightly higher for most of the day and ended with minor gains.

Oil rose to a new record closing high on supply disruptions caused by sabotage in Nigeria and a temporary pipeline shutdown in the United States.

The US Dollar index fell and Treasuries rose in early trade on worries over a recession in the US as Wachovia Bank reported a surprising loss due to troubles in the mortgage industry.

But the Dollar ended marginally higher and bonds fell by the end of trade as Retail Sales came in better than expected and pushed interest rates higher. The Dow, Nasdaq, and S&P traded mixed and ended near unchanged.

Tuesday at 13:30 GMT brings US Producer Price Inflation for March, expected at 0.6% month-on-month, plus the NY Empire State Index for April expected at -17.0.

At 14:00 GMT comes the Net Foreign Purchases of US securities report for Feb., expected at $60.0 billion.

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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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