Gold News

Gold & Silver Rally with Stocks, Bonds; Euro Slips on "Strong Dollar" Comments

From Chris Mullen at

Gold and silver fell to see modest losses in Asia on Monday, but they both then steadily climbed back higher in London and New York trade.

Gold ended near its noon-time high of $996.52 with a gain of 0.3%. Silver ended near its high of $16.292 with a gain of 1.0%.

Platinum lost $1.50 to $1276, and copper fell a couple of cents to about $2.71.

Gold Mining and silver equities rose nearly 3% by midday, but they then fell back off for most of the rest of trade and ended mixed and near unchanged.

Oil rose on continued geopolitical worries over Iran as they test fired a missile over the weekend.

The US Dollar index rose after ECB President Trichet commented over the weekend that US policy makers' commitment to a strong dollar is important in keeping currency markets and the global economy stable.

Gold priced in Euros rose to €679.

Treasuries rose, as did the Dow, Nasdaq, and S&P – buoyed by deal making announcements that raised confidence over the health of the economy.

There were no major economic reports on Monday. Tuesday at 09:00 EST brings the Case-Shiller Housing Price Index for July, expected down 14.2% year on year, and Consumer Confidence for September expected at 57.0.

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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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