Gold News

Gold & Silver Jump in NY Trade, Stocks Rise & Dollar Eases on Strong US Data

From Chris Mullen at GoldSeek.com...

With London closed, Gold Bullion and silver traded modestly higher in Asia on Monday, before falling back to last week's close near $888 and $12.46 respectively in early New York trade.

Both gold and silver then exploded higher just after the US stock markets opened, and gold ended just off its highs, closing above $900 an ounce a gain of 1.6%.

Silver ended near its high of $13.14 with a gain of 4.5%. Platinum gained $27 to $1115, and copper gained over 4 cents to about $2.14.

The Gold Price in Euros rose to €673 an ounce.

Gold Mining and silver equities rose throughout the day and ended at or near their highs of the session with about 6% gains.

Crude oil climbed back above $54 to it highest close so far this year, and the US Dollar index and Treasury bonds fell as better than expected economic data encouraged traders to put some cash to work.

The Dow, Nasdaq, and S&P rose roughly 3% after US Construction Spending rose unexpectedly on March's data, increasing 0.3% against the 1.6% fall predicted. Pending Home Sales showed a 3.2% rise after adding 2.0% in Feb.

Tuesday at 15:00 BST brings ISM Services for April, expected at 42.0.

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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