Gold News

Gold & Silver Add 1.6%, Euro Falls with Oil on Greek Worries, Credit Contraction, Weak Energy Demand

From Chris Mullen at

Gold Prices saw a $2.60 loss as low as $1132.90 in late Asian trade on Wednesday, and held near unchanged in London.

The Gold Price then rose throughout most of trade in New York, and ended near its early afternoon high of $1153.00 with a gain of 1.6%.

Gold Prices for Euro investors rose to a new all-time high above €862 an ounce.

Silver followed a similar pattern and climbed from its late Asian low of $17.906 to close near its late session high of $18.237 with a gain of 1.6%.

Platinum gained $18 to $1712.50, and copper fell a couple of cents to about $3.59.
Gold Mining and silver equities rose throughout most of trade and end with roughly 3% gains.

Oil remained lower after the EIA announced that US crude stockpile inventories rose 2.0 million barrels last week – the 10th straight weekly increase – while gasoline inventories fell 2.5 million barrels, and distillates rose 1.1 million barrels.
The US Dollar index found slight gains as the Euro fell again on continued uncertainty over Greece.
Treasuries added to early gains after Wednesday’s $21 billion 10-year note auction drew a high yield of 3.9% with a strong bid to cover of 3.72.
The Dow, Nasdaq, and S&P traded mostly modestly lower on worries over Greece.
New US said Consumer Credit shrank much faster than expected in Feb., down by $11.5 billion to more than reverse Jan.'s growth.

Thursday at 08:30 ET brings Initial US Jobless Claims for last week, forecast at 435,000.

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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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