Gold News

Gold & Silver End Tues Higher as Stocks Reverse Early Gains Despite Housing Bounce

From Chris Mullen at GoldSeek.com...

Gold fell over $10 to $968.80 by late trade in Asia on Tuesday before it rallied back near unchanged in London and rose to see a $7.27 gain at $986.22 by late morning in New York,

The Gold Price in Dollars then fell back off into the close and ended with a gain of 0.4%. The Gold Price in Euros climbed near €691 an ounce.

Silver dropped to $15.44 in Asia before it rose to see a $0.27 gain at $15.99 in New York and then also fell back off a bit midday, but it then closed the session out with another late rally and ended with a gain of 1.3%.

Platinum gained $23.50 to $1234, and copper fell a couple of cents to about $2.30.

Gold Mining and silver equities rose over 2% by midmorning before they pulled back a bit midday, but they next rose to new highs in afternoon trade and ended with almost 3% gains.

Oil waffled on either side of unchanged and ended slightly lower after topping $69 earlier in the day as traders debated whether or not demand will continue to improve.

The US Dollar index fell and Treasuries rose as the Dow, Nasdaq, and S&P erased the majority of their early gains and headed lower for most of afternoon trade in lackluster reaction to better-than-expected housing data.

Wednesday at 08:15 EST brings ADP Employment for May, expected down 520,000.  At 10:00 come Factory Orders for April, expected up 0.5%, plus ISM Services for May, expected at 45.0.

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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