Gold News

Gold Reverses Sharp Drop, Silver Adds 2%, as US Stocks Fall on 15-Year Low in Home Sales

From Chris Mullen at

Gold fell as much as $16.50 to $1210.10 an ounce by early New York trade on Tuesday, before it rallied to see an $8.75 gain at $1235.35.

Falling back off into the close, the Gold Price still ended with a gain of 0.33%.

The Gold Price in Euros rose to €970 an ounce.

Silver Prices dropped as low as $17.73 an ounce, and climbed as high as $18.45 before also moderating in the last few hours of trade, but still ending with an impressive gain of 2.1% on the day.

Platinum gained $11.50 to $1512, and copper fell 5 cents to about $3.24.

Gold Mining and silver equities fell over 2% at the open before they rallied back to see slight gains by late morning, but they then fell off in afternoon trade and ended with about 1% losses.

Oil fell along with the Dow, Nasdaq, and S&P on economic worries after it was announced that Existing Home Sales fell much more than expected to the lowest in 15 years.

The US Dollar index fell against the Japanese Yen on risk aversion. Treasuries retained early gains after today’s $37 billion 2-year note auction sold at a yield of 0.498% with a bid to cover of 3.12.

Wednesday at 08:30 ET brings Durable US Goods Orders for July, expected 3.0% better. Excluding transportation, orders are expected up by 0.5%.

Then at 10:00 comes the New Home Sales report for July, expected at 334,000.

Buy Gold at the lowest prices online, and store it in the world's safest vaults for $4 per month by using BullionVault...

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.

See the full archive of Chris Mullen articles


Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals