Gold News

Gold Up, Silver Down as Euro Rises on Spanish Debt, US Inflation Jumps

From Chris Mullen at

The Gold Price fell almost $10 to $1386.44 in Asia on Thursday, but it then rallied back higher in London and New York and ended near its late morning high of $1404.90 with a gain of 0.6%.

Oil climbed back over $100 a barrel on geopolitical worries over Libya and Bahrain.

The US Dollar index fell as the Euro rose after Spain successfully sold €4.1 billion of government bonds, leaving the Gold Price in Euros to fall to about €1002.

Treasuries fell as the Dow, Nasdaq, and S&P rose on decent economic news.

Silver fell over 2% to $33.67 in Asia before it also rallied back higher and saw a decent gain at $34.635 by late morning in New York, but it then fell back off in the last couple of hours of trade and ended with a loss of 0.5%.

Platinum gained $10 to $1702.00, and copper climbed 15 cents to about $4.34.

Gold Mining and silver equities rose about 1% in the first hour of trade and remained near that level for the rest of the day.

New US data showed Consumer Price inflation rising much more sharply than analysts forecast in Feb.

Last month also saw Industrial Production and Capacity Utilization fall, but Initial Jobless Claims for last week eased back.

There are no major economic reports due out Friday.

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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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