Gold News

Gold Dips, Silver Gains on Mixed US Data

From Chris Mullen at GoldSeek.com...

Gold and silver saw slight gains in Asia and London on Thursday, before they fell shortly after 08:00 EST and dropped to as low at $937.40 and $13.78 respectively in early New York trade.

Both silver and Gold Prices then rallied into the close. Gold ended with a loss of 0.3% for the day, while silver was able to end with gain of 0.1%.

The Gold Price in Euros fell to about €660 an ounce.

Gold Mining and silver equities rose about 1% at the open and remained near their highs into the close.

Platinum remained at $1235, and copper fell a couple of cents to about $2.74.

Oil fell on a jump in US jobless claims that reignited worries over the economy and energy demand. The Leading Indicators report was weaker than expected, but the Philadelphia Fed's August index beat analyst forecasts.

The US Dollar index ended lower and Treasuries found slight gains. The Dow, Nasdaq, and S&P rose about 1% in light trade.

Friday at 10:00 EST brings Existing US Home Sales for July, expected at 5,000,000.

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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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