Gold News

Gold & Silver Slip Again, US Jobs Data Eyed

From Chris Mullen at

Gold fell $7.45 to $1332.05 a little before 8am EST on Wednesday, before it bounced back near unchanged in early New York trade and then fell to a new session low of $1326.54 by early afternoon.

A decent rally back higher in the last hour of trade still saw the Gold Price end with a loss of 0.6%.

The Gold Price in Euros fell to about €965 per ounce.

Silver Prices fell to $28.21 in London before they rose to see a 12-cent gain at $28.61 in midmorning New York trade. But silver then fell to a new session low of $28.10 by early afternoon and ended with a loss of 0.8%.

Platinum gained $7.12 to $1824.87, and copper remained at about $4.54.

Gold Mining and silver equities fell about 1% by early afternoon and remained near that level for the rest of the day.

Oil remained slightly higher after the Energy Information Administration reported that US crude inventories rose 2.6 million barrels last week, gasoline inventories rose 6.2 million barrels, and distillates fell 1.6 million barrels.

The US Dollar index found slight gains as the Euro fell on renewed concerns about Egypt.

Treasuries fell as the Dow, Nasdaq, and S&P shrugged off geopolitical worries and waffled near unchanged.

Ahead of Friday's official Non-Farm Payrolls report, the ADP Employment data for Dec. showed a sharper-than-expected rise in US payrolls of 187,000.

Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 425,000, plus fourth-quarter Productivity (expected up 2.2%) and Unit Labor Costs (expected up 0.1%).

At 10:00 comes the ISM Services report for January, expected at 57.0, and Factory Orders for December expected down 0.6%.

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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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