Gold News

Gold Slips 0.2%, Silver Drop 0.6% as Stocks Rally with Euro

From Chris Mullen at

Gold gained almost $10 on Thursday morning, reaching as high as $1207.73 an ounce in Asia, before it fell back off in London to see more than a $10 loss at $1087.50.

The Gold Price then bounced back higher in the last couple of hours of US trade, cutting its losses to just 0.2%.

The Gold Price in Euros fell to €943 an ounce.

Silver Prices rose as high as $18.155 in Asia before falling as low as $17.71 in late morning New York trade. Silver also then rallied into the close, and ended with a loss of 0.6%.

Platinum lost $7 to $1510, and copper remained at about $3.01.

Gold Mining and silver equities fell over 2% by late morning before they rallied back higher in early afternoon trade, but they still ended with over 1% losses.

The Dow, Nasdaq, and S&P stock indices rose on decent reports from various US retailers, plus better-than-expected Initial Jobless Claims data for last week.

Treasury bonds fell as did the US Dollar index, as the Euro rose after the European Central Bank kept its interest rate at 1% and expressed confidence in the Eurozone banking system.

Oil climbed over $75 a barrel after the Energy Information Administration reported that crude stocks fell a larger than expected 4,960,000 barrels last week. Gasoline inventories rose 1,320,000 barrels and distillates rose 321,000 barrels.

New data showed US mortgage interest rates falling to new record lows at 4.75% per year, but consumer credit shrank more quickly than expected in May, other figures showed, down by $9 billion.

The national Debt Clock reported the 3rd-ever largest one-day increase in Washington's deficit, up by $166 billion on 30th June. The Washington-based International Monetary Fund (IMF) raised its forecast for US economic growth in 2010, but warned of further risks from unemployment and housing.

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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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