Gold News

Gold & Silver Rise with Oil & the Dollar as Stock Markets Fall

From Chris Mullen at

Gold traded about 0.5% higher in Asia on Wednesday, and rose as high as $1214.75 just ahead of the London opening.

Gold then dropped back to around $1210 in early New York trade, but rose to a new session high of $1216.40 by about 11:00 ET and ended with a gain of 1.4%.

The Gold Price in Euros rose to €992.

Silver Prices climbed as high as $18.317 in London before also paring gains, but silver then rose to a new high of $18.39 by late morning in New York and ended with a gain of 2.7%.

Platinum gained $38 to $1525, and copper gained 4 cents to about $3.07.

Gold Mining and silver equities rose over 2% by midmorning, but they then fell back off for most of the rest of trade and ended slightly lower.

Oil added to early gains and ended over 4% higher after the Energy Information Administration reported that crude inventories rose 2.4 million barrels, gasoline inventories fell 200,000 barrels, and distillates fell 300,000 barrels.

The US Dollar index rose as the Euro fell again on lingering fears that European debt problems will hurt economic growth in the Eurozone.

Treasuries fell on better than expected economic data and a $40 billion 5-year note auction that drew a yield of 2.13% with a bid to cover of 2.71.

The Dow, Nasdaq, and S&P rose in early trade on optimism about the economy, but all three indices fell back off in afternoon trade and ended notably lower.

New data showed Durable Goods Order rising sharply in April, but falling 1% when Transport is excluded.

Sales of new homes also beat expectations, growing 15% month-on-month.

Thursday at 08:30 ET brings Initial US Jobless Claims for last week, expected at 455,000, plus first-quarter GDP – expected to be revised slightly higher to 3.3% annualized – with the GDP Deflator expected at 0.9%.

How best to Buy Gold and silver today? "If there's an easier way, I've yet to find it," says one BullionVault user...

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


Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals