Gold News

Gold Ends Monday 0.8% Higher at New Record as Dollar Falls, Stocks Bounce

From Chris Mullen at GoldSeek.com...

Gold Prices fell slightly in early Asian trade, but then took off higher and rose as high as $914.30 early in London.

The Gold Market then fell back off for most of New York trade as it consolidated its overnight gains to new record highs, but it still ended with a gain of 0.78% for the session.

Silver rose to as high as $16.597 before it also fell back off a bit in New York, but it still ended with a gain of 0.37% at a new 27-year high.

The Gold Price in Euros rose to about €607, platinum gained $31 to $1590 to a new record high, palladium gained $4 to $380, and copper gained a few cents to about $3.34.

Gold and silver equities rose about 3% at the open before they came off their highs a bit in afternoon trade, but they still ended with over 1% gains at new record highs.

There were no major economic reports today, but an article from the National Retail Federation predicted weak sales growth. Tuesday at 08:30 EST brings the official government Retail Sales report for December, expected at 0.0% with sales excluding autos expected at -0.1%.

Also at 08:30 are the Producer Price Index and Core PPI for December, both expected at 0.2%, plus the NY Empire State Index for January expected at 10.0.

At 10:00 comes the Business Inventories report for November expected at 0.4%.

In the broader markets, oil rose in technical trade as a winter storm started to hit the Northeast US and geopolitical tensions were raised in Nigeria and Iran.

The US Dollar index fell on the outlook for more interest rate cuts by the Fed.

Treasuries were mixed as traders awaited tomorrow’s economic data, but they did end slightly higher on worries over writedowns in earnings reports to be revealed over the next few weeks.

The Dow, Nasdaq, and S&P rose on strong results from IBM that raised hopes for better than expected earnings from other technology companies.

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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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