Gold News

Gold Bounces, Silver Drops, as Stocks Rally, Bonds Fall

From Chris Mullen at

Gold rose to see a $5.05 gain at $939.80 by late trade in Asia on Tuesday, before it fell back off in London and saw a loss of $0.55 at $934.20 by the New York opening.

The Gold Price then rallied back higher into the close and ended with a gain of 0.3%.

The Gold Price in Euros remained at €664.

Silver climbed as much as $0.265 to $14.225 in Asia before it fell to see a 1% loss at $13.82 an ounce, also rallying into the close but still ending with a loss of 0.2%.

Platinum gained $8.50 to $1224, and copper fell slightly to about $2.76.

Gold Mining and silver equities rose over 1.5% by midday in New York and remained near their highs into the close.

Oil rose slightly while the US Dollar index and Treasuries dropped as the Dow, Nasdaq, and S&P found modest gains on decent earnings reports.

New data showed US housing starts and building permits weaker than forecast, while Producer Price inflation was sharply negative, down 0.9% month-on-month in July.

There are no major US economic reports due out Wednesday.

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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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