Gold News

Gold & Silver Gain with Crude Oil as Stocks Rally, Dollar Falls

From Chris Mullen at

traded near unchanged in Asia and London on Monday before it fell slightly to $1001.65 in early New York trade, but then spiked markedly higher starting around noon EST.

Gold continued to rise and ended near its late session high of $1017.35 with a gain of 1.4%.

The Gold Price in Euros rose to €693 an ounce.

Oil rose as the US Dollar index fell after the G7 failed to announce any real intention to halt the currency's constant decline.

Treasuries found slight gains after a successful inflation-protected TIPS auction raised confidence over the government's ability to sell an additional $71 billion of debt over the next three days.

The Dow, Nasdaq, and S&P rose about 1% after better than expected at ISM Services data increased confidence over the economy.

There are no major US economic reports due out Tuesday.

Silver fell to $16.119 in late morning New York trade on Monday, but it also jumped back higher in the last couple of hours of trade and ended near its high of $16.585 with a gain of 2.4%.

Platinum gained $10 to $1291.50, and copper gained nearly 5 cents to about $2.72.

Gold Mining and silver equities rose about 1.5% at the open, more than doubled their gains midday, and ended with over 3% gains.

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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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