Gold Ends Thurs Lower as Stocks Rally, Dollar Reverses Early Bounce
From Chris Mullen at GoldSeek.com...
Gold traded slightly lower in Asia and London on Thursday, falling as much as $12.10 to $1051 an ounce by 10:00am in New York.
Gold then spiked higher in late morning trade, seeing a loss of just $1.95 by a little after 11:00 EST, but it fell back off into the close and ended with a loss of 0.5% on the day.
The Gold Price in Euros slipped to €705 an ounce.
Silver fell as much as $0.457 to $17.33 before it also rallied back in late morning New York trade, but it then fell back off in the last couple of hours and ended with a loss of 1.5%.
Platinum lost $4.50 to $1359, and copper fell nearly 4 cents to about $2.99.
Gold Mining and silver equities traded mostly lower and ended with small losses on average.
Oil fell slightly on poor economic data that sent the US Dollar index modestly higher on risk aversion in early trade.
A strong stock market – led by good earnings reports – reversed that trade later in the day, and oil ended just barely lower while the Dollar reversed its decent gains to end lower as well.
Treasuries ended down on the day.
Initial US Jobless Claims for last week came in higher than expected, while the FHFA Housing Price Index showed a surprise fall for August.
The monthly Leading Indicators report gave a better-than-expected reading of +1.0%.
Friday at 10:00 EST brings Existing US Home Sales for September, expected up 5% from August.
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