Gold News

Gold Drops 1.3%, Silver Loses 4.8%, as Stocks Tumble, Dollar Gains

From Chris Mullen at GoldSeek.com...

Gold saw slight losses in Asia on Monday, fell over 1% in London, and dropped as low as $930.05 an ounce near the open of trade in New York.

The Gold Price then bounced into the close, but it still ended with a loss of 1.3% for the day.
The Gold Price in Euros fell to €664 an ounce.

Silver fell to as low as $13.81 by late morning in New York before it rebounded in the last couple of hours of trade, but it still ended with a loss of 4.8%.

Platinum lost $37.50 to $1215.50, and copper fell over 6 cents to about $2.77.

Gold Mining and silver equities fell over 5% at the open and remained near their lows for the rest of the day.

Oil fell while the US Dollar index and Treasuries rose on renewed worries over the global economy that sent the Dow, Nasdaq, and S&P over 2% lower on the day amid another round of risk aversion.

Net foreign inflows to US securities came in far ahead of expectations for June, up at $90.7 billion from May's outflow of $19.4bn.

Although Japan posted a 3.7% expansion in economic growth in the second quarter, worries over future sustained consumption kept investors on edge and wary of a double dip recession, or worse.

Tuesday at 08:30 EST brings US Building Permits for July (expected at 576,000), Housing Starts expected at 598,000, Producer Price Inflation for July expected down 0.2%, and Core PPI expected at 0.1%.

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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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