Gold News

Gold & Silver Prices Hit New Record Highs vs. Dollar, US Jobs Data Points to Fresh Quantitative Easing

From Chris Mullen at

Gold Prices climbed to a new record high of $1349.70 in Asia on Wednesday, before falling back to $1341.80 in London but then rallying again in New York.

Gold Bullion ended the day at a new record closing high with a gain of 0.6%.

The Gold Price in Euros fell to €967 an ounce.

Silver Prices climbed as high as $23.07 and then fell to $22.74 before also rallying to end at a new 30-year high with a gain of 1.4%.

Platinum gained $10.25 to $1703.50, and copper gained nearly 3 cents to about $3.75.

Gold Mining and silver equities rose about 2% by midday in New York, before they pared their gains in early afternoon trade, but still ended sharply higher.

Oil turned higher after the Energy Department reported that crude inventories rose 3.1 million barrels, gasoline inventories fell 2.6 million barrels, and distillates fell 1.1 million barrels.

The US Dollar index fell and Treasuries rose markedly on worse-than-expected private payrolls jobs data.

Rather than the 18,000 growth for Sept. forecast by analysts, the ADP report showed a net loss of 39,000 jobs.

The Dow, Nasdaq, and S&P waffled near unchanged as worries over a poor jobs market were offset by hopes for a new round of quantitative easing by the Federal Reserve.

Thursday at 08:30 ET brings Initial US Jobless Claims for last week, expected at 455,000. Then at 3pm comes US Consumer Credit for August, expected to show a $3.0 billion drop.

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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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