Gold News

Gold Slips, Silver Falls 3% as Dollar, Oil & T-Bonds Rise

From Chris Mullen at

The Gold Price remained near unchanged in Asia on Tuesday, saw slight losses in London, and fell as much as $10.50 to $1031.50 by 10:00am in New York.

Gold rebounded to see only slight losses by late morning, but the Gold Price then fell back off in afternoon trade and ended with a loss of 0.6% on the day.

The Gold Price in Euros flipped around €700 an ounce.

Silver saw almost 1% gains in Asia and traded near unchanged in London before it fell as much as $0.46 to $16.62 midmorning in New York.

Silver then also rebounded, but fell back off and ended near its new session low of $16.46 with a loss of 3.3%.

Gold Mining and silver equities traded mostly slightly lower and ended with about 1% losses.

Platinum lost $25.50 to $1305.50 and copper fell slightly to about $2.99 an ounce.

Oil ended higher on geopolitical concerns over Iran as traders looked forward to Wednesday's US stockpile inventory report.

The US Dollar index rose after Consumer Confidence came in lower than expected and encouraged some cash-raising after new data showed US house prices rising for the third month running in August, but Oct.'s Consumer Confidence came in well below expectations.

Treasuries added to their early gains after a $44 billion two-year note auction drew strong demand of 3.63 bid to cover.

The Dow, Nasdaq, and S&P traded mixed and ended near unchanged as decent earnings reports battled disappointing economic news.

Wednesday at 8:30 EST brings US Durable Goods Orders for Sept., expected up 1.0%. Excluding transportation, orders are expected up 0.7%.

At 10:00 comes the New US Home Sales report for Sept., expected at 440,000.

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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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