Gold News

Gold & Silver Rise, Dollar Slips as Stocks Gain Despite Record-Low US Housing Starts

From Chris Mullen at GoldSeek.com...

Gold traded mostly slightly higher in Asia and London on Tuesday before it extended its gains in New York and ended near its high of $927.50 with a gain of 0.6%.

The Gold Price in Euros fell to about €679 on Euro strength.

The Dollar-Silver price followed a similar pattern, ending near its high of $14.122 with a gain of 2.4%.

Platinum gained $7 to $1135, and copper remained at about $2.97.

New data showed US Building Permits and Housing Starts falling over 50% from last years numbers and dropping to their lowest levels since records started being taken five decades ago.

Oil rose on refinery problems and hopes for signs of rebounding demand during the upcoming long holiday weekend that typically marks the start of driving season in the US.

The US Dollar index and Treasury bonds fell as the Dow, Nasdaq, and S&P shrugged off dismal housing data and traded mixed and near unchanged on the day.

Gold Mining and silver equities fell to see slight losses about a half hour into trade before they climbed to see over 4% gains by mid-afternoon, but they then fell back off a bit into the close and ended with about 2.5% gains on the day.

Wednesday at 3pm New York time brings the latest Federal Reserve minutes from their April 29th meeting.

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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