Gold News

Gold Slips, Silver Hits New 30-Year High Ahead of US Mid-Terms, Fed Easing & Jobs Data

From Chris Mullen at

The Gold Price rose as much as $8.90 per ounce to reach $1365.40 in early London trade on Monday, but it then fell back off for most of the rest of the day and ended near its low of $1348.70 with a loss of 0.4%.

The Gold Price in Euros fell below €973 an ounce.

Silver climbed to as high as $25.04 in Asia before it also fell back off for most of trade in New York, but it still ended with a gain of 0.12% and made a new 30-year closing high.

Platinum gained $6.50 to $1704.50, and copper gained 5 cents to about $3.78.

Gold Mining and silver equities waffled near unchanged and ended with slight gains.

Oil rose on stronger than expected economic data in China and the US that raised demand expectations.

US Construction Spending rose but Personal Incomes fell in Sept.

The US Dollar index, Treasuries, and the Dow, Nasdaq, and S&P all held near unchanged as traders awaited Tuesday's mid-term US elections results, Wednesday's Federal Reserve announcement, and Friday's US jobs data.

There are no major US economic reports due out Tuesday.

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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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