Gold News

Gold & Silver Tick Higher as US Inflation, Retail Sales Beat Expectations

From Chris Mullen at

Gold saw slight losses in Asia before it rose in London and early New York trade, reaching as high as $927.45 an ounce by 09:30 EST.

The Gold Price then fell back off into the US close and ended with a gain of just $1.15 from Monday's New York finish. The Gold Price in Euros climbed to €663 an ounce.

Silver climbed to as high as $12.99 before it also fell back off into the close, but it still ended 6¢ better for the session.

Platinum gained $13.50 to $1125.50, and copper gained nearly 8 cents to about $2.29.

Gold Mining and silver equities rose roughly 2% at the open and remained near their highs into the close.

Oil traded mostly slightly lower on continued worries over demand, while the US Dollar index ended marginally higher after mixed economic data overseas sent the Pound higher and the Euro lower.

Treasuries fell on decent retail sales and higher than expected Producer Price Inflation data that pushed interest rates higher. Retail Sales were also higher than expected for June.

The Dow, Nasdaq, and S&P ended with modest gains on optimism over retail sales and decent earnings reports.

Wednesday at 08:30 EST brings US Consumer Price Inflation for June, expected up 0.6% from May, plus Core CPI (ex-food and fuel) expected at 0.1%.

The Empire Manufacturing Index for July is expected a minus 5.00. Then comes US Capacity Utilization for June expected at 67.9%, and Industrial Production expected down 0.6%. At 14:00 EST the Federal Reserve release minutes from its June 24th meeting.

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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