Gold News

Gold Up, Silver Down, as Poor US Data Sends Stocks 2% Lower

From Chris Mullen at

Gold fell slightly to $1227.15 in London on Thursday, before it rose as high as $1237.20 early in New York.

The Gold Price then dropped back down to $1228.55 by late morning, but it bounced back higher in afternoon trade and ended with a gain of 0.3% on the day.

The Gold Price in Euros rose to €962 an ounce.

Silver Prices climbed to $18.57 in early New York trade, before falling to $18.195 by about noon and then rallying in late trade, ending with a loss of 0.3%.

Platinum fell $9.50 to $1520, and copper dropped a few cents to about $3.32.

Gold Mining and silver equities saw slight gains in early trade before they fell to see about 2% losses midday, but they then rallied back higher in afternoon trade and ended only slightly lower.

Oil fell as the US Dollar index and Treasury bonds rose following notably worse-than-expected economic data which sent the Dow, Nasdaq, and S&P almost 2% lower on the day.

There are no major US economic reports due out Friday. New data yesterday showed initial jobless claims rising sharply last week, while the Leading Indicators index crept 0.1% higher in July, reversing some of June's drop but lagging analyst forecasts.

The Philadelphia Fed's index of business prices paid and received showed a sharp decline.

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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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