Gold News

Gold & Silver Jump as Stocks End Thurs Flat, Bonds Rise on QE Hopes

From Chris Mullen at

Gold Prices traded mostly higher in Asia and London on Thursday, and rose over 1% in early New York trade to reach as high as $1337.20 an ounce.

The Gold Price then fell back near $1333 at around 10:45 Eastern, but jumped to a new session high of $1345.00 by midday and ended with a gain of 1.5%.

Euro Gold Prices climbed over €963 an ounce.

Silver Prices climbed as high as $23.83 in early New York trade before it also pared its gains midmorning, but it then shot up to a new high of $24.00 and ended with a gain of 1.8%.

Platinum gained $10.50 to $1683.50, and copper rose slightly to about $3.79.

Gold Mining and silver equities rose throughout most of trade and ended with about 3% gains.

Oil rose as the US Dollar index fell on renewed confidence that the Federal Reserve will engage in a significant amount of quantitative easing next week.

Treasuries remained higher after a $29 billion auction of 7-year notes sold at a high yield of 1.97% with a bid to cover of 3.06.

The Dow, Nasdaq, and S&P waffled near unchanged on mixed earnings reports.

Initial US Jobless Claims for last week showed a marked drop from early-Oct.
Friday at 08:30 ET brings third-quarter US GDP, expected to show 2.0% annualized growth.

The Chain Deflator – a measure of domestic inflation – is expected at 1.9%, and the Employment Cost Index is expected at 0.5%.

Then at 09:45 comes Chicago PMI for October, expected at 58.0. At 09:55 is Michigan Sentiment for October, expected at 68.0.

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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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