Gold News

Gold Ends Weds Flat, Silver Slips 0.8% as Stocks Fall on Weak US Data

From Chris Mullen at

Gold rose $7 an ounce to $1166 in late Asian trade on Wednesday, before it fell in London to a new 3-month low of $1156.85 by the start of US trade.

The Gold Price then bounced back to $1165.15 in late morning New York trade, but it ultimately fell off into the close and ended with a gain of just 0.1%.

The Gold Price in Euros fell to about €893 an ounce.

Silver Prices rose to $17.73 in Asia and fell to $17.30 by 09:00 ET, before it also bounced back higher in late morning New York trade, but ended with a loss of 0.8%.

Platinum gained $4 to $1530.85, and copper rose another few cents to about $3.24.

Gold Mining and silver equities waffled near unchanged and ended with modest gains.

Oil fell after the Energy Information Administration reported that US crude stockpile inventories surprisingly rose last week by a huge 7.3 million barrels. Gasoline inventories rose 100,000 barrels and distillates rose 900,000 barrels.

The US Dollar rose against the Euro but dropped against the Japanese Yen after Durable Goods Orders dropped unexpectedly for June, down by 1.0% against the 1.0% increase forecast by analysts, reignited worries over the economy.

The US Federal Reserve's Beige Book of analysis said US economic growth is slowing in some areas, hampered by commercial real estate and the end of the homebuyers' tax credit.

The Dow, Nasdaq, and S&P ended up to 1% lower on worries about the economy.

Treasury bonds turned modestly higher after Wednesday's $38 billion auction of 5-year notes drew a yield of 1.796% with a bid-to-cover ratio of 3.06 times.

Thursday at 08:30 ET brings Initial US Jobless Claims for last week, expected at 464,000.

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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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