Gold News

Gold & Silver Rise as Dollar's Torn Between Loonie and Euro

From Chris Mullen at GoldSeek.com...

Gold Prices traded about 0.5% higher in London and popped as high as $1145.89 early in New York trading on Tuesday, before falling back off into the close.

The Gold Price still ended with a gain of 0.3%. The Gold Price in Euros rose to about €848 an ounce.

Silver Prices climbed as high as $18.013 before also falling back off in the last few hours of trade, ending with a gain of 0.6%.

Platinum gained $21.50 to $1710, and copper added a couple of cents to about $3.51.
 
Gold Mining and silver equities saw over 1% gains in the first half hour of trade, but they then fell back off for most of the rest of trade and ended with slight losses.

Crude oil rose on decent US earnings reports and news of resumed flights in Europe that raised energy demand expectations.
 
The US Dollar index was mixed on speculation over world central bank moves after the Bank of Canada hinted towards a rate hike sooner than previously thought.  While the Dollar dropped rather markedly against the Loonie, it rose versus both the Euro and Yen on thoughts that a Canadian hike may influence the Fed to raise US rates sooner than previously thought.

Treasuries remained near unchanged as the Dow, Nasdaq, and S&P rose on improving earnings reports.

There were no major US economic reports on Tuesday, and there are none due on Wednesday.

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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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