Gold News

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

From Chris Mullen at GoldSeek.com...

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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