Gold News

Gold & Silver Gain as Earnings Reports Pull on Stocks

From Chris Mullen at

Gold traded near unchanged in Asia on Monday, then rose in London and New York to $1058.87 an ounce.

Gold fell back off in the last few hours of trade, but it still ended with a gain of 0.7% and just 20 cents away from its the record closing high made last Thursday.

The Gold Price in Euros rose to €715 an ounce.

The Dow, Nasdaq, and S&P traded mostly higher in light morning trade, rising with crude oil on economic optimism that sent the US Dollar index lower on the day.

The New York bond market was closed for Columbus Day, but Treasuries saw slight gains in quiet trade as worries over this week's third-quarter earnings reports finally dragged stocks back near unchanged in afternoon trade.

Silver climbed to as high as $17.91 in early London trade and tested that high mid-morning in New York, before it also fell back off into the close, also ending with a gain of 0.7%.

Platinum gained $7 to $1335.50 an ounce. Copper rose a couple of cents to about $2.85.

Gold Mining and silver equities rose over 2% in the first half hour of trade before they fell back off see about 1% losses. Precious metals miners then rallied back higher in the last hour of trade and ended near unchanged.

There were no major US economic reports today, and there are none due out Tuesday.

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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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