Gold News

Gold Seeker Closing Report: Gold and Silver End Slightly Higher While Stocks Surge Over 2%

Gold
traded at about unchanged in Asia and London except for a brief spike
up to $956.55 around 5AM EST before it briefly dropped as much as $5
to $948.30 a little after 9AM EST in New York, but it then rallied
back higher for most of the rest of trade and ended near its high of
$957.30 with a gain of 0.12%. Silver traded modestly higher in Asia
and rose to see an over 1% gain in London before it dropped to see a
9 cent loss at $13.62 a little after 9AM EST in New York, but it also
rallied back higher for most of the rest of trade and ended near its
new session high of $13.863 with a gain of 0.51%.

Euro
gold rose to about €671, platinum gained $9 to $1178, and copper
remained at about $2.52.

Gold
and silver equities rose
about 2.5% midday before they fell back off into the close, but they
still ended with almost 1% gains.

Oil rose on renewed hopes for increasing demand and worries over gasoline
supplies after some evidence of slowing refining activity.

The
U.S.
index found slight gains as traders sold the yen and treasuries in
order to put some capital to work in the Dow, Nasdaq, and S&P
which rose throughout most of trade and ended with over 2% gains on
better than expected earnings and economic data.

Among the big names making news in the market today were Ford, UPS, New York Times, Bristol-Myers and Medarex, Amazon.com and Zappos, AT&T, McDonald’s, Wyeth, CIT, and Union
Pacific.

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.

See the full archive of Chris Mullen articles

 

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