Gold News

Gold & Silver Rise as Dollar Slips, Oil Rises, Stocks Climb on Good Earnings

From Chris Mullen at

Gold rose in London on Tuesday to see an almost $20 gain as high as $1217.80 by the start of New York trade.

The Gold Price then chopped its way back lower into the close, but it still ended with a gain of 1.3%.

The Gold Price in Euros rose to about €955 an ounce.

Silver climbed over 2%, reaching as high as $18.32 by late morning in New York before it fell back off in the last couple of hours of trade, but still ended with a gain of 2.0%.

Platinum gained $14.50 to $1520.50, and copper rose slightly to about $3.01.

Gold Mining and silver equities saw over 2% gains at the open before they fell to trade only about 1% higher by midmorning and then rallied back near their opening highs midday, but they then fell back off in afternoon trade and ended with only slight gains.

Oil climbed above $77 a barrel as the US Dollar index and treasuries fell on better-than-expected earnings reports and forecasts, that sent the Dow, Nasdaq, and S&P over 1% higher.

Portugal's debt was downgraded by the Moody's rating agency, but Greece held a successful debt auction.

Tuesday's $21 billion auction of US 10-year notes drew a yield of 3.119% with a bid to cover ratio of 3.09.

New data showed the US Trade Deficit worsening to $42 billion in May, but the Treasury's monthly budget deficit slipped in June from $94bn to $68bn.

That still put the cumulative deficit for the first half of 2010 at $1 trillion.

Wednesday at 08:30 ET brings US Import and Export Prices for June, plus Retail Sales for last month, expected down 0.2%.

Excluding autos, sales are expected flat at 0.0%.

At 10:00 ET comes the US Business Inventories report for May, expected at 0.2%, and 14:00 then brings the release of Federal Reserve minutes from the last policy meeting.

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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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