Gold News

Gold & Silver Rise as Stocks Fall on Poor US Data

From Chris Mullen at

Gold saw slight gains in Asia on Thursday before it fell in London and saw a $5.88 loss at $1227.92 an ounce a little after 08:00 in New York.

The Gold Price then rallied higher throughout most of US trade, ending near its late morning high of $1248.26 with a gain of 0.9%.

The Gold Price in Euros rose to €1008 an ounce.

Silver followed a similar patter and ended near its late session high of $18.798 with a gain of 1.3%.

Platinum lost $2.50 to $1559.50, and copper rose nearly 7 cents to about $3.00.

Gold Mining and silver equities saw modest losses in the first hour of trade before they rallied back higher midday, but they then fell back off in late trade and ended slightly lower.

Oil rose in late trade and ended with a small gain as the US Dollar index and Treasury bonds remained near unchanged despite poor economic data that sent the Dow, Nasdaq, and S&P over 1% lower.

Initial US jobless claims for last week were lower than expected, but so were Durable Goods Orders for May, shrinking 1.1% from April.

Excluding Transport, Durable Orders rose 0.9%.

Mortgage interest rates meantime fell to their lowest record level.

Friday at 08:30 ET brings first-quarter US GDP, expected to show 3.0% annualized growth, with the GDP Deflator (a measure of inflation) expected at 1.0%.

Then at 09:55 comes Michigan Sentiment for June, expected at 75.5.

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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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