Gold News

Gold Slips, Silver Rises, as US Housing Data Boosts Stocks

From Chris Mullen at

Gold rose $6.10 an ounce to $1194.50 in Asia on Monday, before it fell back off in London and New York.

The Gold Price fell as low as $1179.80 by around 11:00 ET, but then climbed back higher in the last couple of hours of trade, ending with a loss of 0.3%.

The Gold Price in Euros fell to about €911 an ounce.

Silver dropped as low as $17.98 in London before it spiked up to $18.24 in early New York trade. The Silver Price then dropped back to see a slight loss by late morning, but it then rallied back higher in late trade and ended with a gain of 0.4%.

Platinum gained $9.50 to $1547.50 an ounce, and copper gained 4 cents to about $3.22.

Gold Mining and silver equities fell almost 1% by midmorning before they rallied back near unchanged by noon EST, but they then fell back off in afternoon trade and ended near their earlier lows.

Oil reversed early losses and ended unchanged as the US Dollar index and treasuries fell on better than expected housing data that sent the Dow, Nasdaq, and S&P about 1% higher.

Tuesday at 09:00 ET brings the US Case-Shiller 20-City Index for May, expected up 4.0% year-on-year, and at 10:00 comes Consumer Confidence for July, expected at 51.0.

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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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