Gold News

Gold Hits Record New Dollar, Euro and Sterling Highs

From Chris Mullen at

Gold held near unchanged in Asia on Tuesday, rising in early London action to a new record intraday high of $1251.68 an ounce.

The Gold Price then fell back to $1240.75 by just before 10:00am in New York, but it bounced back higher in the last few hours of trade and ended at new record closing high with a gain of 0.4%.

The US Dollar index fell after the Euro bounced from Monday’s new 4-year low on Fitch’s warning over the UK’s spending, which sent the Pound lower.
Gold priced in Euros rose to a new record high at about €1040. The Gold Price in Sterling touched £870 an ounce.

Silver climbed as high as $18.421 in London before it dropped back under $18.25 in early New York trade, but it then rose to a new session high of $18.46 in the last minutes of trade and ended with a gain of 1.5%.

Platinum gained $7 to $1519, and copper rose slightly to about $2.77.
Gold Mining and silver equities rose roughly 3% by early afternoon before they fell back off in the last few hours of trade, but they still ended with over 1% gains.
Treasury bonds rose after Tuesday’s $36 billion 3-year note auction drew a yield of 1.18%.

The Dow and S&P rose over 1% on easing worries over the overall economy while the Nasdaq remained lower on concerns over technology growth.

There were no major economic reports. Wednesday at 10:00 ET brings Wholesale US Inventories for April, expected up 0.5%, and at 14:00 comes the Fed’s Beige Book of analysis for June.

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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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