Gold Ends Monday 1.7% Higher as Equities Fall Again, Mining Stocks Sink
From Chris Mullen at GoldSeek.com...
Gold Prices rose nearly $10 in Asia on Monday before falling back off by early morning in London.
Spot Gold saw as much as a $23.30 loss at $706.35 just ahead of the US opening, but it then rallied back higher for the rest of the day and ended near its session high of over $746 with a gain of 1.71%.
Silver also saw over 1% gains in Asia before it fell back off and saw a 6.2% loss at as low as $8.70, but it too rallied back higher into the close to end with a loss of 1.24%.
The Gold Price in Euros rose to about €591, platinum lost $19 to $774.50, and copper gained roughly 11 cents to about $1.79.
Gold Mining and silver equities fell over 3% by late morning before they rallied to find slight gains by early afternoon, but they then fell back off into the close and ended with over 9% losses.
Oil fell on more demand concerns while the U.S. dollar index rose on the continued move to cash as investors sold assets they perceive as riskier than the fiat currency.
Treasuries rose as the Dow, Nasdaq, and S&P ultimately ended markedly lower on more recession worries and apprehension before this week’s Federal Reserve meeting and GDP data.
On the data front, sales of new homes in the United States came in ahead of expectations for Sept., but were still 33% down on the same month last year. Sale prices fell back to 2004 levels.
Tuesday at 15:00 GMT brings US Consumer Confidence for Oct., expected at 52.0.