Gold News

Gold Adds 1.6%, Silver Gains 2.4% as US Data Disappoints the Street

From Chris Mullen at

The Gold Price saw modest gains in Asia and London on Wednesday before it climbed even higher throughout the New York morning and ended near its noon-time high of $1137.70 with a gain of 1.6%.

The Gold Price in Euros rose above €790 an ounce.

Silver followed a similar pattern and ended near its high of $18.19 with a gain of 2.4%. Platinum gained $20 to $1548, and copper gained roughly 8 cents to about $3.48.

Gold Mining and silver equities rose over 3% by late morning and remained near their highs for most of the rest of trade.

Oil rose for the tenth straight session and topped $83 as continued cold weather raised hopes for rising energy demand.

The US Dollar index and Treasuries fell while the Dow, Nasdaq, and S&P remained near unchanged on lackluster economic reports.

The ISM Services report improved last month from Nov., but missed analyst forecasts. The private-sector ADP Payroll report showed the US shedding 84,000 jobs in Dec., fewer than the month before but again worse than expected.

Minutes from the Federal Reserve's 16 Dec. meeting noted a risk that improvements in the housing sector might fade in 2010 as the Federal Reserve's purchase of mortgage-backed securities winds down and homebuyer tax credits expire.

Thursday brings Initial US Jobless Claims for last week, expected at 445,000 ahead of Friday's non-farm Payrolls Report.

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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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