Gold News

Gold & Silver Rise, Euro & Treasuries Fall, as Oil Bounces with Stocks, Dollar

From Chris Mullen at

Gold traded slightly higher in world trade as the US stayed closed for Martin Luther King Day on Monday, rising as much as $10.70 to $1140.60 an ounce in Asia on Tuesday before it fell back off in London.

Dipping as low as $1128.60 by 08:00 EST in New York, the Gold Price then rallied higher and ended right back near its earlier high with a gain of 0.9%.

The Gold Price in Euros rose to €798 an ounce.

Silver climbed to $18.83 in Asia and fell to $18.43 by about 9AM EST before it also rallied back higher in New York and ended with a gain of 2.12%.

Platinum gained $50.50 to $1642.5, and copper gained 8 cents to about $3.44.

Gold Mining and silver equities traded mixed and near unchanged for most of the morning before they headed higher in afternoon trade, but they still ended with less than 1% gains.

Oil ended higher on optimism over future energy demand from rebounding economic growth.

The US Dollar index also rose on worries over Greece that sent the Euro markedly lower. Concerns over economic growth in Germany added to uncertainty and increased pressure on the European currency.

Treasuries fell as the Dow, Nasdaq, and S&P rose on decent company news, while investors awaited results from the Senate race for Ted Kennedy's state of Massachusetts – eventually won by the Republican Scott Brown – could have a notable impact on any meaningful healthcare legislation.

US Home builder Confidence showed a drop for January, while inflows of foreign investment money to the US jumped to $126.9 billion on Nov.'s data, up from $19.3bn in Oct.

Wednesday at 08:30 EST brings US Building Permits for Dec., expected at 580,000, plus Housing Starts expected at 575,000.

Producer Price Inflation for Dec. is expected flat%, and Core PPI (excl. food and fuel) is expected to show a 0.1% month-on-month rise.

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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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