Gold News

Gold Slips with Stocks, Oil Touches New 10-Month High

From Chris Mullen at GoldSeek.com...

Gold rose on Monday to see a $3.95 gain at $956.85 an ounce in London before it slipped lower for most of New York trade.

The Gold Price then dropped off markedly in the last half hour of US trade, ending near its session low of $939.02 with a loss of 1.1%.

The Gold Price in Euros fell to €659 an ounce.

Silver climbed over 2%, up as high as $14.47 in Asia, but it also fell back off in late trade in New York and ended near its low of $14.085 with a gain of 0.4%.

Platinum lost $19 to $1234.50, and copper gained a few cents to about $2.91.

Gold Mining and silver equities rose nearly 2% by midmorning, but they then fell back off in afternoon trade and ended with about 1% losses on the day.

Oil touched a new 10-month high on hopes that an improving economy will stimulate energy demand.

The US Dollar index and Treasuries rose after the Dow, Nasdaq, and S&P erased their morning gains and ended near unchanged on worries over more losses in the banking sector.

There were no major economic reports on Monday. Tuesday at 09:00 EST brings the S&P/Case-Shiller Home Price Index for June, expected at -16.4%, and at 10:00 comes Consumer Confidence for August, expected at 48.0.

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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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