Gold News

Gold & Silver Rise as Euro Falls with Stocks, Crude Oil on Fresh Geopolitical Fears

From Chris Mullen at

Gold traded slightly higher over the UK Whitsun and US Memorial Day holiday, climbing in London and New York on Tuesday to reach as high as $1228.82 an ounce by a little before noon ET.

Gold then fell back off a little, but it still ended with a gain of 1.1% from Friday afternoon's close.

The Gold Price in Euros rose to €996 an ounce.

Silver Prices climbed as high as $18.67 an ounce, before also falling back off in the last couple hours of trade. Silver ended with a gain of 1.0%.

Platinum gained $8.50 to $1552, and copper fell nearly 5 cents to about $3.05.

Gold Mining and silver equities gained over 2% in the first hour of trade, but they then fell back off for most of the rest of the day and ended with slight losses.
Oil fell almost 2% as the US Dollar index rose after the Euro currency fell to a new four-year low on news that the Eurozone's debt crisis is hurting the region's banks.

US Treasury bonds rose on worries over sovereign debt, geopolitics in various places around the world, and the ongoing oil spill in the Gulf of Mexico.

The Dow, Nasdaq, and S&P reversed early losses and turned slightly higher midday after economic data came in better than expected, but all three indices turned back lower in late trade and ended with notable losses on concern over the issues that drove bonds higher.

New data showed US Construction Spending rising faster than forecast in April. The ISM Index of business sentiment came in below last month's reading and below Wall Street expectations.

Wednesday at 10:00 ET brings Pending US Home Sales data for April, expected up 4.3%.

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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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