Gold News

Gold & Silver Climb as Euro Bounces, Oil Rallies

From Chris Mullen at

Gold remained near unchanged in Asia on Tuesday, before rising about 1% in London and extending its gains in New York.

Ending near its high of the session with a gain of 1.2% against the Dollar, the Gold Price in Euros rose above €800 an ounce.

Silver followed a similar pattern, gaining 0.5%. Platinum gained $31.50 to $1573.50, and copper remained at about $3.08.

Gold Mining and silver equities traded mostly slightly higher and ended with modest gains.

Oil rose on hopes for increasing demand while the US Dollar index fell as the Euro climbed on easing fears over Greece's debt.

Treasuries remained near unchanged while the Dow, Nasdaq, and S&P on decent economic data – led by a 1% rise in Pending US Home Sales for Dec. – and company news.

Wednesday at 08:15AM EST brings the monthly ADP Private-Sector Payroll Report for January, expected to show 40,000 job losses ahead of Friday's official Non-Farm Payrolls release.

At 10:00 comes the ISM Services report for January, expected at 50.9.

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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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