Gold News

Gold Ends Weds 0.5% Higher, Silver Adds 1.3% as US Earnings Weigh on Stocks

From Chris Mullen at

Gold spiked up early Wednesday, reaching as high as $1048.28 before it fell back to see slight losses in mid-morning New York trade.

Gold then chopped its way back higher in the last few hours of US dealing, and ended with a gain of 0.5%.

The Gold Price in Euros rose to €710 an ounce.

Silver climbed as high as $17.55 by late morning in New York before it fell back off in the last two hours of trade, but it still ended with a gain of 1.3%.

Platinum lost $1 to $1317.50, and copper fell slightly to $2.77.

Oil fell after the Energy Information Administration reported that US crude stockpile inventories fell 1.0 million barrels last week. Gasoline inventories rose 2.9 million barrels, and distillates rose 700,000 barrels.

The US Dollar index and Treasury bonds rose slightly as the Dow, Nasdaq, and S&P traded mostly lower on worries over upcoming earnings reports.

However, the Nasdaq and S&P rallied back in late trade, ending with slight gains on hopes those earnings will not be as bad as some fear.

Gold Mining and silver equities rose about 1% by late morning before they fell back off in early afternoon trade. They saw near-1% losses around 14:00 EST, but they then rallied into the close and ended with around 1% gains.

On the data front, US Consumer Credit for August showed a sharper-than-expected contraction, down $12 billion from July's $19bn drop.

Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 540,000. At 10:00 comes the Wholesale Inventories report for August, expected down 1.0%.

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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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