Gold News

Gold Slips 1.5% as Stock-Market Collapse Worsens

From Chris Mullen at

Gold Bullion and silver rose $16.40 and $0.27 per ounce respectively early Monday to reach as high as $958.00 and $13.38 by late trade in Asia.

Both metals then fell back off in London, recording losses of $11.05 and $0.40 each, before rallying in the last few hours of US trade while world stock markets slumped.

Closing New York with a loss of just 0.3% and 0.5%, however, both Gold Prices and silver then fell again in after-hours “access” trade.

The Gold Price in Dollars dropped 1.5% from Friday's finish, nearing a 3-week low. The Gold Price in Euros ended Monday some €10 lower per ounce at €736.

Platinum lost $8.50 to $1066.50,and copper lost a couple of cents to about $1.51.

Gold Mining and silver equities fell over 7% by late morning in New York, bouncing but sliding back again as the rout in the major indices spread.

Oil fell over 10%, Treasury bonds climbed, and the US Dollar index rose to its highest in almost three years as the Dow and S&P plunged over 4% to their lowest levels since 1997.

Today's US data releases pegged Personal Income growth for Jan. at 0.4%, well ahead of the 0.2% drop expected.

Prices rose 0.1% month-on-month, while Personal US Spending jumped 0.6% from Dec.'s 1.0% drop.

Tuesday at 10:00 EST brings the Pending US Home Sales report for Jan., expected at -3.5%.

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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