Gold News

Gold & Silver End Tues Higher as Stocks Rise, Dollar Falls on Stronger US Data

From Chris Mullen at

Gold held near unchanged in Asia on Tuesday and saw slight gains in London, but it then surged higher in late morning New York trade and ended near its early afternoon high of $1234.95 with a gain of 0.8% vs. the Dollar.

The Gold Price in Euros slipped to €998 an ounce.

Silver climbed as high as $18.67 per ounce by early afternoon in New York, before it fell back off in the last hour of trade but it still ended with a gain of 1.0%.

Platinum gained $13.40 to $1571.15, and copper rose slightly to $3.00.

Gold Mining and silver equities rose throughout most of trade and ended with about 2.5% gains.

Oil rose as the US Dollar index and Treasury bonds fell on continued optimism over economic growth that sent the Dow, Nasdaq, and S&P over 2% higher.

New US data showed both import and export prices increasing less quickly in May than April, but continuing to rise. The Empire Manufacturing Survey turned lower, however, while April's new long-term investment flows to US assets reached $83 billion vs. $140bn in March.

Wednesday at 08:30 ET brings US Building Permits for May, expected at 631,000. Housing Starts are expected to read 655,000.

Producer Price Inflation for May is expected at minus 0.5% month-on-month, with Core PPI (stripping out food and fuel) expected up 0.1%.

09:15 brings Capacity Utilization for May, expected at 74.4%, with Industrial Production expected up 0.8%.

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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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