Gold News

Gold Jumps to New Dollar Record, Silver Breaks $26 as Markets Surge on Fed's QEII

From Chris Mullen at

After an initial hiccup immediately following the Federal Reserve's announcement on Wednesday during after-hours access trade, the Gold Price pretty much steadily rose throughout trade in Asia, London, and New York and ended Thursday near its late session high of $1383.90 with a gain of 3.41% at a new all-time closing high.

Gold's intraday record high of $1386.93 an ounce – set this past October 14th – was surpassed in Thurdsday's after-hours access session on the Globex platform

The Gold Price in Euros rose to €973 an ounce.

Silver Prices climbed to a new 30-year high of $26.07 in the last minutes of New York trade, and ended with an impressive gain of 6.4%.

Platinum gained $56.75 to $1748.00, and copper gained roughly 12 cents to about $3.90.

Gold Mining and silver equities rose over 3% at the open, extended their gains in afternoon trade, and ended at about their highs of the day with almost 5% gains.
Oil, treasuries, and the Dow, Nasdaq, and S&P all rose markedly as the US Dollar index dropped on the Fed's implementation of further quantitative easing.

New data meantime showed Initial US Jobless Claims for last week rising faster than analysts expected, while Labor Productivity also jumped but Unit Labor Costs fell 0.1% for the third quarter against forecasts of a 1.0% rise.

Friday at 08:30 EST brings Non-farm US Payrolls for October, expected up by 60,000, with the Unemployment Rate expected at 9.6%.

Hourly Earnings are expected to show a 0.1% for Oct., and the Average Workweek is expected at 34.2 hours.

At 10:00 comes the Pending US Home Sales report for Sept., expected 2.5% stronger. Then at 15:00 comes US Consumer Credit for Sept., expected down by $3.5 billion.

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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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