Gold News

Gold & Silver Rise Together with Oil, Stocks and Bonds

From Chris Mullen at

Gold traded slightly higher in Asia and London on Monday before it fell to see a $2.80 loss at $1047.50 an ounce by 10:00 EST in New York.

Gold then rallied back for most of the rest of US trade, and ended with a gain of 0.6% on the day.

The Gold Price in Euros rose to €707 an ounce.

Silver followed a similar pattern and ended with a gain of 1.0% against the US Dollar. Both metals then added to their gains in after-hours access trade.

Platinum gained $17 to $1354, and copper gained over 11 cents to about $2.96.

Gold Mining and silver equities saw over 1% losses about a half hour into trade, but they then rallied back higher for most of the rest of trade and ended with almost 1% gains.

Oil rose to a new high for the year while the US Dollar index fell as the Dow, Nasdaq, and S&P gained almost 1% on better than expected earnings reports that raised hopes over the economy.

Treasuries reversed early losses and turned higher after the New York Federal Reserve said it is not moving toward monetary tightening.

There were no major US economic reports today. Tuesday at 08:30 EST brings Building Permits for September expected at 590,000, with new Housing Starts expected at 610,000.

Producer Price inflation for September is then expected flat from August, with Core PPI (stripping out volatile fuel and food costs) expected up 0.1%.

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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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