Gold News

Gold & Silver End Thurs 0.5% and 2.8% Higher, Stocks Stall on US Data

From Chris Mullen at

Gold and silver rebounded Thursday from their post-Federal Reserve statement dips, trading mixed in Asia before rising markedly in London to as high as $960.30 and $15.12 per ounce respectively.

Both silver and the Gold Price roughly halved their gains by about 10:00 in New York, but they bounced back higher into the close.

The Gold Price in Dollars ended with a gain of 0.5%, and the Gold Price in Euros remained at €668 an ounce. Silver ended with a gain of 2.8%.

Oil rose after the IEA increased its global demand forecast. The US Dollar index fell on poor economic data in the US while the Euro rose on reports that France and Germany retuned to economic growth in the second quarter.

Treasuries rose while the Dow, Nasdaq, and S&P held near unchanged and ended modestly higher.

New data showed US retail sales in July much weaker than expected, down 0.6% excluding autos, while Import and Export prices both fell faster than expected.

New US home foreclosure applications for July set their third monthly record since March.

Platinum meantime gained $25.50 to $1261.50, and copper gained another 9 cents to about $2.91.

Gold Mining and silver equities rose over 3% by late morning and remained near their highs into the close.

Friday at 08:30 EST brings US Consumer Price Inflation for July, expected at 0.0%, and Core CPI (excluding volatile food and fuel prices) expected up 0.1%.

At 09:15 New York time come Capacity Utilization for July, expected at 68.4%, and Industrial Production expected at 0.4%. Then comes Michigan Sentiment for August, expected at 69.0.

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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