Gold News

Gold, Silver Gain as Stocks Tumble on $13Bn of Fresh Banking Losses

From Chris Mullen at

The Gold Price held near unchanged in Asia and traded just slightly higher in London on Monday before it climbed steadily in New York to end near its high of $888.25 with a gain of 2.2%.

Silver saw slight gains in Asia and jumped above $12 an ounce shortly after the open in London, before it added to its gains in New York and ended near its high of $12.19 with a gain of 2.4%.

The Gold Price in Euros rose to €686 as oil fell nearly 9% and the US Dollar index rose markedly, together with Treasury bonds.

On Wall Street the Dow, Nasdaq, and S&P dropped about 4% on renewed worries over the economy and the stability of the financial system.

Bank of America said it has set aside $13.4 billion to cover lending losses. The US Leading Indicators report then gave a reading of minus 0.3% for March, worse than both analyst forecasts and the previous month's figure.

There are no major US economic reports due out Tuesday.

Platinum meantime lost $43.50 to $1159.50, and copper fell over 9 cents to about $2.10.

Gold Mining and silver equities climbed higher throughout most of the day and ended with roughly 3% gains.

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.

See the full archive of Chris Mullen articles


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