Gold News

Gold & Silver Cut Tuesday's Losses to 0.9% as Greek Debt Auction Buoys Euro, Oil Falls on Weak US Earnings

From Chris Mullen at

Gold dropped $14.40 to $1147.45 an ounce in late Asian trade on Tuesday, before it rallied to $1157.25 by about 09:00 in New York.

The Gold Price then fell to a new session low of $1144.90 by late morning in New York, but it rallied back higher in the last couple of hours of trade to end with a loss of 0.9%.

The Gold Price in Euros fell to about €848 an ounce.

Silver rebounded from nearly 2% losses in Asia and came within 5 cents of unchanged at $18.30 in early New York trade on Tuesday.

The Silver Price then fell to a new session low of $17.93 a little after 11:00 ET, but it also rallied back higher into the close and ended with a loss of 0.9%.

Platinum lost $19 to $1711, and copper fell a couple of cents to about $3.56.

Gold Mining and silver equities fell over 2% by midmorning before they rallied back higher in afternoon trade, but they still ended with about 1% losses.
Oil fell after mostly disappointing earnings reports increased worries about energy demand.

The US Dollar index was mixed and ended slightly lower as the Euro remained firm after a successful Greek debt auction.

Treasuries rose as the Dow, Nasdaq, and S&P struggled to find gains after a disappointing earnings report from Alcoa.

New data showed the US Trade Deficit worsening faster-than-expected in Feb. Import and Export Prices both rose sharply last month.

Wednesday at 08:30 ET brings US Consumer Price Inflation for March, expected up 0.1%, with Core CPI (excl. food and fuel) expected up 0.1% month on month.

Retail Sales for March are expected to have grown 1.2%. Excluding autos, sales are expected 0.5% higher.

Then at 10:00 comes the Business Inventories report for February, expected to show a 0.4% increase. The Federal Reserve's Beige Book of analysis follows at 14:00 ET.

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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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