Gold News

Gold & Silver Fall as Stocks End Flat Ahead of US Jobs Data

From Chris Mullen at

Gold slipped from an early $4.22 gain at $1224.22 in Asia on Thursday, falling back off in London and New York to drop as low as $1201.28 a little after noon ET.

The price of Gold then rallied back higher in the last hour of trade, but it still ended with a loss of 1.0% on the day.

The Gold Price in Euros fell to €993 an ounce.

Silver fell as low as $17.80 before it also bounced back higher in late trade, but it still ended with a loss of 1.8%.

Platinum lost $6.50 to $1536.50, and copper fell over 9 cents to about $2.94.

Gold Mining and silver equities fell roughly 3% by early afternoon before they bounced back higher in the last few hours of trade, but they still ended with about 2% losses.

Oil rose after the Energy Information Administration reported that US crude inventory stockpiles fell a larger than expected 1.9 million barrels last week. Gasoline inventories fell 2.6 million barrels and distillates rose 500,000 barrels.

The US Dollar index rose and Treasuries fell after mixed economic data. The ADP Payrolls report was weaker than forecast, as were Factory Orders for April and first-quarter Productivity.

The Dow, Nasdaq, and S&P ended slightly higher as weak retail sales reports were offset by optimism over Friday's jobs report.

08:30 ET brings May's US jobs data, with Non-Farm Payrolls expected at 500,000. The Unemployment Rate is expected at 9.8%. Hourly Earnings are expected up 0.1%, and the Average Workweek is expected at 34.2 hours.

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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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