Gold News

Gold & Silver Rally Even as Dollar Rises on Eurozone Debt Fears, Wall Street Slips

From Chris Mullen at

Gold Prices rose over 1% as high as $1417.65 by midday in London on Thursday, before falling to see a $2.90 loss at $1397.60 by late morning in New York.

The Gold Price then rallied back higher in the last couple of hours of trade and ended with a gain of 0.3%.

The Gold Price in Euros rose to about €1029 per ounce.

Silver Prices climbed to $27.82 and dropped to $26.91 before also rallying back higher and ended with a gain of 1.6%.

Platinum gained $2 to $1740, and copper climbed 5 cents to about $4.02.

Gold Mining and silver equities fell about 1% by midmorning, but they then rallied back higher for most of the rest of trade and ended with about 1% gains at or near new all-time highs on the XAU and HUI indices.

Oil was unchanged while the US Dollar index rose on more worries about sovereign debt in Europe.

The bond market was closed in observance of Veteran's Day. The Dow, Nasdaq, and S&P fell on a disappointing forecast from Cisco.

There were no major US economic reports. Friday at 09:55 EST brings Michigan Sentiment for November, expected at 69.0.

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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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