Gold News

Gold & Silver Rise as Dollar Falls, Crude Oil Jumps with Stocks on Libyan Air Strikes

From Chris Mullen at

Gold climbed to as high as $1434.84 in early New York trade before it fell back off a bit into the close, but it still ended with a gain of 0.7%.

Silver surged to as high as $36.17 before it also fell back off, but it still ended with a gain of 2.7%.

Oil rose on supply concerns in Libya and the Middle East as the joint UN air-strikes on Gaddafi's loyalist installations continued.

The US Dollar index fell as the Euro rose on expectations for an interest-rate hike from the European Central Bank as early as next month. The Gold Price in Euros climbed above €1010 per ounce before easing back.

Treasuries fell as the Dow, Nasdaq, and S&P rose on deal making news and easing worries over Japan.

Platinum gained $24 to $1739.75, and copper fell 6 cents to about $4.28.

Gold Mining and silver equities rose about 2% at the open and remained near that level for the rest of the day.

New data showed sales of Existing US Homes falling sharply in Feb. from Jan., missing analyst forecasts of 5.05 million annualized to drop to 4.9m.

The US Treasury meantime said it plans to unwind its $142 billion holding of Fannie Mae and Freddie Mac-guaranteed mortgage bonds by selling up to $10bn of the position each month.

Tuesday at 10:00 Eastern Time brings the FHFA Housing Price Index for January.

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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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