Gold News

Gold & Silver Sink as Dollar Rallies, Stocks Fall, Treasuries Gain

From Chris Mullen at

Gold traded slightly lower in Asia and London on Thursday before it rose to see a $5.10 gain at $1018.30 a little after the start of New York dealing.

Gold then tumbled, dropping $25 an ounce to $993.05 and remaining near that low into the close to end the day with a loss of 1.6%.

Silver followed a similar pattern and rose to see a 10 cent gain at $16.99 a little before 09:00am in New York, but it then fell all the way to $16.24 by about noon and closed with a loss of 3.4%.

The Gold Price in Euros fell to €679.

Platinum lost $21.50 to $1301, and copper fell nearly 10 cents to about $2.70.

Gold Mining and silver equities fell over 3% by midmorning before they bounced back from that level, but still ended with over 2% losses.

Oil fell as the US Dollar index turned higher after weak home sales data reignited worries over the economy that sent the Dow, Nasdaq, and S&P marginally lower on the day.

Treasuries rose slightly after a strong 7-year note auction.

Initial US jobless claims for last week showed a decline from the week before, but sales of existing homes during August were much weaker than expected.

Friday at 08:30 EST brings Durable US Goods Orders for August, expected at 0.5%.  Excluding transportation, orders are expected at 1.0%.

Then at 09:55 comes Michigan Sentiment for September, expected at 70.5, and at 10:00 is the New Home Sales report for August, expected at 441,000.

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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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