Gold News

Gold & Silver Slip as Stocks Rise with Dollar

From Chris Mullen at

The Gold Price fell in late Asian trade on Monday to reach as low as $993.14 early in London dealing.

Gold then rallied higher for most of the rest of trade, but it still ended with a loss of 0.5% on the day.

The Gold Price in Euros fell to about €684 an ounce.

Silver followed a similar pattern and ended well off its low of $16.298 with a loss of 0.6%. Platinum lost $5.50 to $1310.50, and copper fell four cents to about $2.79.

Gold Mining and silver equities fell about 1.5% at the open and remained at about that level for the rest of the day.

Oil meantime fell as the US Dollar index found slight gains on worries over a trade spat with China.

Treasuries fell as the Dow, Nasdaq, and S&P rebounded from early losses and ended modestly higher on hopes for signs of improving economic growth from several reports due out over the next few days.

There were no major US economic reports on Monday. Tuesday at 08:30 EST brings Producer Price inflation for August, expected at 0.8%, with Core PPI (excl. volatile food and fuel) expected at 0.1%.

Empire Manufacturing for September is expected at 15.00, and Retail Sales for August are forecast 1.9% higher. Excluding autos, sales are expected at 0.4%.

Then at 10:00 EST comes the US Business Inventories report for July, expected down 0.8%.

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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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