Gold & Silver Slip with Stocks on Poor US Data

From Chris Mullen at GoldSeek.com...

Gold fell as much as $25 an ounce to $901 in Asia before it rebounded in London to see a loss of just $5.15 at $921.

The Gold Price then fell back off into the close and ended not far from that earlier low with a loss of 2.4% for the session.

Oil fell back near $40 on continued worries over poor demand due to a weak economy. US personal incomes for Dec. fell less than expected, but household spending shrank by 1.0% and construction outlays were down 1.4%.

Silver dropped to as low as $12.19 at about 08:00 EST before it rose to almost unchanged at $12.57 by about noon in New York. Silver also fell back off into the close and ended with a loss of 1.8%.

The Gold Price in Euros fell from a new record high to about €703, while platinum lost $14 to $969, and copper fell nearly 4 cents to about $1.42.

Gold Mining and silver equities fell about 5% by early afternoon, but they then rebounded slightly in the last couple of hours of trade and ended with only a little over 3% loses.

The US Dollar index and Treasuries rose while the Dow and S&P fell on worries over the need for more substantial jobs cuts, but the Nasdaq ended with a decent gain on hopes that the technology sector will lead a rebound in the economy.

Tuesday at 10:00 EST brings the Pending US Home Sales report for December, expected flat.