Gold News

Gold & Silver Bounce in After-Hours US Trade; US Job Losses Eyed at Half-a-Million for Jan.

From Chris Mullen at

Gold rose as much as $8.60 an ounce to $912.50 by the New York opening on Tuesday, but fell to $889.02 by noon.

Down more than 1%, gold bounced but slipped lower again, only to rally strongly in after-hours access trade back to $900.

Silver also rose, fell and then rose again, finally bouncing from $12.15 an ounce and also climbing more 1% from the official Comex close in New York during after hours dealing.

The Gold Price in Euros meantime slid to $685 an ounce, down more than 5% from Monday's new record high.

Platinum lost $13 to $956, and copper rose over 9 cents to about $1.52.

Oil prices rose after the Opec oil cartel said it might cut output further to reduce the global glut of supply.

The US Dollar index fell with Treasuries as the Dow, Nasdaq, and S&P rose over 1% on hopes for an economic recovery after Pending Home Sales came in much better than expected – up 6.3% in Dec. against Nov.'s 3.7% drop. Earnings reports were also decent overall.

Gold Mining and silver equities rose over 2% by late morning before they fell to see slight losses midday as the metals dropped. Mining stocks then rallied back higher into the close and ended with slight gains on the day.

Wednesday at 13:15 GMT brings the ADP Employment report for January, expected to show more than half-a-million US job losses. Then comes the ISM Services report for January, expected down at a reading of 39.0.

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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