Gold News

Gold Slips, Silver Rises as Euro Rallies But Greece Debt Hit by New Downgrade

From Chris Mullen at

Gold rose as high as $1233.95 in Asia on Monday but then fell back in London and New York, dropping as low as $1216.45 an ounce.

Gold then rallied against the Dollar in the last couple of hours of trade, but it still ended with a loss of 0.4%.

Gold priced in Euros fell just below €1000 an ounce.

Silver followed a very different pattern, and rose as high as $18.54 by about 09:35 in New York before it fell back into the close, but still ended with a gain of 0.7%.

Platinum gained $28.05 to $1557.55, and copper rose 9 cents to about $2.99.

Gold Mining and silver equities saw slight gains at the open, but they then fell back off for most of the rest of trade and ended with almost 2% losses.

Oil climbed back over $75 a barrel as the US Dollar index and Treasuries fell on strong economic data in Europe that raised hopes for a global recovery and sent the Dow, Nasdaq, and S&P modestly higher for most of the day.

Another Moody's downgrade of Greece's debt late in the day then took some air out of the Euro and caused the major indices to close near unchanged.

There were no major US economic reports on Monday. Tuesday at 08:30 ET brings US Import and Export Prices for May, plus June's Empire Manufacturing Survey, expected at 20.0.

At 09:00 comes the Net Long-Term "TIC Flows" investment report for April.

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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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