Gold News

Gold Drops 2.2%, Silver Loses 3.2% with Mining Stocks, as Dollar Gains

From Chris Mullen at

Gold and silver held near unchanged for most of trade in Asia and London on Tuesday, but they then fell off markedly throughout trade in New York.

The Gold Price ended near its late session low of $1157.75 an ounce with a loss of 2.2% on the day, while Silver Prices ended near their low of $17.57 with a loss of 3.2%.

The Gold Price in Euro gold fell below €894 per ounce.

Platinum lost $20.65 to $1526.85, and copper fell slightly to about $3.21.

Gold Mining and silver equities fell roughly 4% by midday before they climbed back higher in late trade, but they still ended with over 3% losses.

Oil fell and the US Dollar index rose slightly on worries over the economy, but Treasury bonds extended early losses after Tuesday's $38 billion auction of 2-year notes drew a high yield of 0.665%, but with a bid-to-cover ratio of 3.33.

The Dow, Nasdaq, and S&P stock indices all saw slight gains at the open on mostly stronger than expected earnings reports, but they then fell back to end near unchanged after Consumer Confidence came in worse than expected.

Local US state budgets are now $85 billion in the red, analysis showed. The Case-Shiller Home Price Index came in stronger than expected, gaining 4.6% in May.

Wednesday at 08:30 ET brings Durable US Goods Orders for June, expected up 1.0%. Excluding transportation, Orders are expected 0.6% higher. Then at 14:00 comes the Fed's Beige Book of analysis for July.

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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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