Gold News

Gold & Silver Prices Jump to New All-Time & 31-Year Highs Respectively as US Crude Oil Nears $100

From Chris Mullen at

Gold Prices steadily rose throughout most of world trade on Tuesday, ending New York dealing near the last minute's new all-time high of $1430.95 with a gain of 1.4%.

Silver Prices also rose, climbing to a new 31-year high of $34.56 and closing New York trade with a gain of 2.5%.

Both silver and Gold Prices continued rising to new Dollar highs in after-hours access trade as well.

The Gold Price in Euros climbed to almost €1036 per ounce, some 3.1% off its all-time high of Dec.

Platinum gained $35.40 to $1837.75, and copper rose another penny to about $4.49.

Gold Mining and silver equities rose roughly 1.5% at the open and remained near that level for the rest of the day. They remain around 4% below their all-time highs of early Dec. 2010.

US crude oil meantime rose to almost $100 a barrel and closed at its highest level since September 2008 on increased worries over unrest in the Middle East after various reports of conflict and unrest in Iran, Oman, Libya, Saudi Arabia, and Bahrain.

The US Dollar index rose in late trade and ended with a slight gain on inflation worries that may push interest rates higher, although Fed chairman Ben Bernanke told the Senate Banking Committee that he sees only temporary consumer-price inflation coming from $100 oil.

Treasuries ended higher as the Dow, Nasdaq, and S&P fell over 1% on rising oil prices and reemerging geopolitical worries.

New data meantime showed a sharper than expected decline in US construction spending for Jan. The ISM Services Index of sentiment showed a strong improvement for Feb.

Wednesday at 08:15 EST brings the private-sector ADP Employment report for Feb., expected up 165,000. Then at 14:00 comes the Fed’s Beige Book of economic analysis.

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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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