Gold News

Gold & Silver Rise with Oil & Dollar; Stocks & Euro Fall on Spanish Bank Rescue

From Chris Mullen at

Gold climbed as high as $1190.85 an ounce in late Asian trade on Monday before it fell back to $1181.85 in London.

Gold then rose to a new session high of $1195.40 in New York, ending with a daily gain of 1.5%.

Oil ended slightly higher on better than expected economic data that raised hopes for improving energy demand.

The US Dollar index rose as the Euro fell on renewed worries over Europe after the Bank of Spain was forced to takeover a bank over the weekend.

Gold priced in Euros rose to €962 an ounce.

Treasuries dropped on worries over upcoming supply while the Dow, Nasdaq, and S&P fell on worries over Europe.

Silver Bullion climbed as high as $18.04 in late Asian trade before it fell back to almost unchanged at $17.69 in London, but it then rose to a new session high of $18.05 in New York and ended with a gain of 2.0%. 

Platinum gained $26 to $1529, and copper jumped over 8 cents to about $3.14.

US-listed Gold Mining and silver equities climbed roughly 2% higher at the open and remained near that level for most of the day, but they then fell back off in late trade and ended near unchanged.

New data showed sales of Existing US Homes rising in April and beating analyst forecasts.

Tuesday at 09:00 ET brings the Case-Shiller 20-city Index for March, expected at 3.0%, and at 10:00 comes Consumer Confidence for May, expected at 58.3.

The FHFA Housing Price Index is also due for March.

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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