Gold News

Gold & Silver Jump with Stocks & Oil on GDP Rebound

From Chris Mullen at

Gold remained near unchanged in Asia on Thursday, before it rose to see modest gains in London but then accelerated even higher in New York and ended near its high of the session with a gain of 1.6%.

Silver followed a similar pattern and ended with a gain of 2.6% vs. the Dollar.

The Gold Price in Euros rose to €705 an ounce.

Platinum gained $27 to $1330, and copper rose nearly 10 cents to about $3.02. Gold Mining and silver equities rose over 5% by early afternoon and remained near that level for the rest of the day.

Oil rose while the US Dollar index and Treasuries fell after stronger-than-expected GDP data which encouraged risk-taking again and inspired market participants to put cash to work into higher yielding assets.

GDP rebounded 3.5% annualized in the third quarter from the April-June drop of 0.7%.

The Dow, Nasdaq, and S&P rose about 2% on the news.

Friday at 08:30 ET brings US Personal Spending for September, expected down 0.5%, plus Personal Income – expected flat.

At 09:45 comes Chicago PMI for October, expected at 48.9, and then Michigan Sentiment for October – expected at 70.0.

Third-quarter Employment Costs follow at 10:00, expected up 0.4%.

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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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