Gold News

Gold & Silver Cut Thurs Losses as Dollar and Euro Both Fall

From Chris Mullen at

Gold Prices saw a $2 gain at $1415 in Asia before they fell back off in London and morning New York trade on Thursday.

Falling as low as $1402.15 by about noon EST, the Gold Price then rallied back higher in afternoon trade and ended with a loss of just 0.6%.
The Gold Price in Euros fell to about €1058 per ounce.

Silver climbed over 1% to as high as $30.90 in Asia before it fell to as low as $30.295 by midday in New York, but it then rallied back higher into the close and ended with a loss of just 0.4%.

Platinum lost $15.75 to $1740.25, and copper climbed 5 cents to a new record high of about $4.36.

Gold Mining and silver equities saw slight gains at the open, but they then fell to see almost 1% losses by early afternoon and remained near that level for the rest of the day.

Oil slipped below $90 a barrel after the US Energy Information Administration reported that crude inventories fell 1.26 million barrels, gasoline inventories fell 2.32 million barrels, and distillates rose 243,000 barrels.

The US Dollar index fell as the Swiss Franc hit record highs against the Euro.

Treasuries fell along with the Dow, Nasdaq, and S&P on worries over rising interest rates.

New US data showed initial jobless claims for last week falling sharply, while the Chicago PMI gauge of business activity jumped higher. Pending home sales for Nov. also came in much better than expectations.

There are no major economic reports due out Friday. The London bullion market is closed from lunchtime, and won't re-open until 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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