Gold News

Gold & Silver Price Rise 0.2% as Euro Slips on Fresh Government Downgrade Fears

From Chris Mullen at

The Gold Price gained as much as $6.48 to $1391.98 at the open of Tuesday's trade in New York, before it fell to $1380.90 by a little before 10:00 EST.

The Gold Price then rallied back higher for most of the rest of US trade, and ended near its earlier high with a gain of 0.2%.

The Gold Price in Euros climbed to nearly €1061 per ounce.

Silver Prices jumped over 1%, reaching as high as $29.56 per ounce, before they also fell back, down as low as $29.00 in mid-morning New York trade.

The Silver Price also then rallied back to end near its earlier high with a gain of 0.2%.

Platinum gained $10.25 to $1713.75, and copper climbed another 7 cents to a new all-time high at $4.27.

Gold Mining and silver equities fell about 1% at the open before they rallied back higher, but they still ended mixed on the day.

Oil rose on continued expectations for increased energy demand from more cold weather and holiday travel.

The US Dollar index rose as the Euro fell on more worries about rating downgrades in Europe.

Treasuries were unchanged while the Dow, Nasdaq, and S&P rose on deal making news.

There were no major US economic reports, but data analyzed for CNN showed 1-in-7 Americans now using government Food Stamps, a rise of 16% on last year.

Wednesday at 08:30 EST brings third quarter GDP, expected up 2.7%, and the GDP Deflator, expected to show 2.3% domestic inflation.

Then at 10:00 comes the Existing US Home Sales report for November, expected at 4,650,000 annualized.

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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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