Gold News

Gold Flat, Silver Falls as US Recession Revised, Mining Stocks Gain

From Chris Mullen at GoldSeek.com...

Gold traded mixed in Asia on Thursday before it rose as high as $950.60 a little before the New York opening, then dropped as low as $941.34 by 10:00 EST in New York.

The Gold Price then rallied back into the close and ended with a gain of 0.1% for the day.

The Gold Price in Euros fell to €663 an ounce.

Platinum gained $2 to $1233, and copper remained at about $2.85.

Silver followed a similar pattern to gold, and ended halfway between the day's low of $14.05 and high of $14.36 with a loss of 0.3%.

Gold Mining and silver equities fell over 2% by midmorning, but they then rallied back higher for the rest of trade and ended with 2% gains.

Oil erased early losses and ended decently higher after stocks turned around midday on signs of strengthening demand.

The US Dollar and Treasury bonds reversed early gains and moved modestly lower after the Dow, Nasdaq, and S&P shook off an early morning risk aversion move and turned notable losses into decent gains on renewed optimism over the economy and the banking system.

Revised GDP data showed the US economy remaining in recession in the second quarter but shrinking by just 1.0%, a smaller drop than previously stated. Initial jobless claims fell last week.

Friday at 08:30 EST brings Personal US Income for July, expected up 0.1%, with Personal Spending expected 0.2% higher.

At 09:55 comes Michigan Sentiment for August, expected at 64.8.

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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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