Gold News

Gold Up, Silver Down as US Retail & Prices Data Sink Stocks

From Chris Mullen at GoldSeek.com...

The Gold Price rose 0.5% to just over $928 in Asia on Wednesday before it fell in London to see a loss at $917.19 an ounce.

Gold Bullion then rallied back higher for most of the rest of trade in New York and ended near its high of $930.50 with a gain of 0.2%.

The Gold Price in Euros climbed to €681.

Platinum lost $9.50 to $1113, and copper fell over 5 cents to about $2.04, while silver saw nearly 1% gains in Asia before it also fell back off in London, climbing in New York only to fall back in the last couple of hours of trade and end with a loss of 1.6%.

Gold Mining and silver equities saw slight gains for most of the morning, but they then fell back off in early afternoon trade and ended with about 3% losses on the day.

Oil erased early gains as demand worries overcame a bullish inventory report, the US Dollar index and Treasury bonds rose on risk aversion, and the Dow, Nasdaq, and S&P fell as much as 3% after poor Retail Sales for April – down 0.4% – renewed worries over the economy.

New data meantime showed US import and export prices sharply ahead of expectations in April (both with and without crude oil) as Retail Sales shrank by 0.4%.

RealtyTrac said home foreclosures rose by one-third last month from April 2008, with 342,000 US homes receiving at least one notice from their lender.

Thursday’s US opening brings Producer Price Inflation data for April, expected at 0.1%, with Core PPI (excl. energy) expected at 0.1%.

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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