Gold News

Gold Gains, Silver Slips as Euro Drops as Fed Frets Over Threats to "Recovery"

From Chris Mullen at

Gold Prices fell as much as $10 an ounce to $1122.70 in London on Tuesday, before rising to see a gain of $5.40 at $1138.65 by about 11:30am in New York.

The Gold Price then fell back off in the last couple of hours of trade, ending with a gain of 0.2%.

The Gold Price in Euros rose to a new all-time high above €849.

Silver dropped 24 cents to $17.84 in London before it rallied back to almost unchanged at $18.075 by late morning in New York, but it also fell back off into the close and ended with a loss of 0.9%.

Platinum lost $5.50 to $1694.50, and copper fell a couple of cents to about $3.61.

Gold Mining and silver equities rose to see roughly 1% gains by late morning, but they then fell back off to see slight losses by mid-afternoon and closed near unchanged.

Oil ended slightly higher on continued economic optimism as traders looked ahead to Wednesday's inventory reports.

The US Dollar index rose after the Euro dropped again on renewed worries over Greece. The Canadian Dollar rose to one-for-one parity with the US Dollar for the first time since July 2008, strengthened by rising commodity prices and an interest-rate hike in fellow commodity currency the Aussie Dollar.

Treasury bonds held onto early gains after Tuesday's auction of $40 billion in 3-year US debt drew a high yield of 1.776% with a bid to cover of well over three times.

The Dow, Nasdaq, and S&P remained mixed and near unchanged in low volume trade.

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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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