Gold News

Gold & Silver Fall with Stocks Despite Improved US Data

From Chris Mullen at

Gold rose as much as $5.50 an ounce from the previous day's New York close early in Asia on Thursday, reaching $1023.85 before falling back for most of the rest of trade.

Gold ended US trade near its late session low of $1010.10 with a loss of 0.7%.

The Gold Price in Euros fell to about €688 an ounce.

Silver climbed as much as $0.27 to $17.65 in Asia, but it too fell back off for most of the rest of trade and ended near its late session low of $17.167 with a loss of 1.0%.

Platinum lost $12 to $1332, and copper fell roughly 4 cents to about $2.88.

Gold Mining and silver equities fell over 3% by mid-afternoon, but they then rallied back higher in the last couple of hours of trade and ended with only about 2% losses.

Oil fell slightly on worries over demand while the US Dollar index held modestly higher on Euro strength and Yen weakness.

Treasuries rose on worries over the sustainability of the recent economic rebound that held the Dow, Nasdaq, and S&P slightly lower on the day.

New data showed US Building Permits and Housing Starts rising from July in August. Initial jobless claims for last week were below analyst forecasts.

There are no major US economic reports due out Friday.

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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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