Gold News

Gold Drops 0.9%, Silver Loses 0.8% as Dollar Rises, Euro Falls

From Chris Mullen at

Gold Prices fell as low as $1195.95 by late morning in New York on Monday, before bouncing higher in the last couple of hours of trade.

The Gold Price still ended with a loss of 0.9% vs. the Dollar on the day. The Gold Price in Euros fell to €951 an ounce.

Silver dropped as low as $17.75 before it also climbed back higher, but it still ended with a loss of 0.8%.

Platinum lost $19.20 to $1506, and copper fell nearly 5 cents to about $3.00.

Gold Mining and silver equities fell about 1% by late morning and remained near that level for the rest of the day.

Oil fell as the US Dollar index rose and the Euro dropped on worries over European debt sales and bank stress tests this week.

US Treasury bonds retained early gains after a $35 billion auction 3-year notes drew a record low yield of 1.055% with a bid to cover of 3.2 times.

The Dow, Nasdaq, and S&P remained mixed and near unchanged as market participants await earnings reports.

There were no major US economic reports today. Tuesday at 08:30 ET brings the Trade Balance for May, expected at minus $39.4 billion, and at 14:00 comes the Treasury Budget for June, expected to show a $70.0 billion deficit.

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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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