Gold News

Gold Hits New Euro High, Silver Adds 1.2%, as Oil Rises to $87 a Barrel

From Chris Mullen at

Gold held near unchanged in Asia on Monday, ticking higher in holiday-thinned trade in Europe, and then extended its gains in New York.

With London dealers off for Easter Monday, the Gold Price ended near its early afternoon high of $1133.34 with a gain of 0.7%.

The Gold Price in Euros rose to a new all-time high above €839 an ounce.

Silver fell to see a 2 cent loss at $17.84 in early New York trade before it climbed back higher for most of the rest of trade and ended near its late session high of $18.12 with a gain of 1.2%.

Platinum gained $33 to $1700, and copper rose another 5 cents to about $3.63.

US Gold Mining and silver equities rose over 1% at the open and remained near their highs into the close.

The US Dollar rose on uncertainty over China, the Yuan, and the US government's delayed currency report that was originally due out in mid-April and could potentially call China a "currency manipulator".

Oil climbed to almost $87 a barrel on hopes for rising energy demand and treasuries fell slightly as the Dow, Nasdaq, and S&P found modest gains on better than expected economic reports.

New data showed sentiment improving much faster than analysts expected in the US services sector. Pending Home Sales jumped in Feb. to unwind Jan.'s near-8% drop.

Tuesday at 14:00 ET brings the latest Federal Reserve meeting minutes.

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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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