Gold News

Gold Drops, Silver Ends Tues Unchanged, as US Data Dents Wall Street Rally

From Chris Mullen at

Gold fell almost $20 to drop as low as $1189.20 an ounce in early New York trade on Tuesday, bouncing higher in the last few hours to end with a loss of 1.1%.

The Gold Price in Euros fell to €945 an ounce, also a new 6-week low.

Silver dropped as low as $17.58 before it spiked up above $18.00 an ounce near midday in New York, but the Silver Price then fell back off into the close and ended with a gain of just 0.2%.

Platinum closed at $1508.33, and copper rose a few cents to about $2.96.

Gold Mining and silver equities saw about 1% gains at the open, but they then fell back off midmorning and ended with roughly 1% losses.

Crude oil ended slightly lower while the US Dollar index fell on poor ISM Services data – showing a greater-than-expected slowdown in growth – that sent Treasuries higher and erased most of the early gains seen in the Dow, Nasdaq, and S&P.

There are no major US economic reports due out Wednesday.

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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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