Gold News

Gold Ends Tues 1.6% Higher as Stocks Fall, Central Bank of Canada Cuts Rates

From Chris Mullen at GoldSeek.com...

The Gold Market fell on Tuesday as low as $786.38 by late trade in Asia before rallying back higher in London and rising as high as $800.20 by midmorning in New York.

Gold Prices then dropped back down to $795.69, but again rallied higher in late afternoon trade and made a new session high at $805.40 ahead of a $4.30 retracement into the close that left it with a gain of 1.64% for the session.

Silver dropped to $13.98 by late trade in Asia before it also meandered its way higher for most of the rest of trade and ended with a gain of 1.42%.

Gold Priced in Euros rose to about €543 per ounce, platinum gained $11 to $1466, palladium gained $1 to $346, and copper fell roughly 5 cents to about $3.00.

Gold and silver mining equities fell roughly 1% by late morning and remained near their lows into the close.

There were no major US economic reports. Wednesday at brings 08:30 EST brings the ADP jobs report and 3rd quarter Productivity expected at 5.8%. At 10:00 come Factory Orders for October (expected flat) and ISM Services for November.

In the broader markets crude Oil fell as expectations turned back to the view that OPEC will formally increase output at their meeting Wednesday. Traders were also preparing for tomorrow’s inventory reports, expected to show declines in US stockpiles.

The US Dollar index fell overall despite a noticeable US Dollar rise against the Canadian Dollar after the Bank of Canada surprisingly cut interest rates for the first time in over three years on easing concerns about the pace of inflation.

Treasuries remained near unchanged in lackluster trade as there were no major economic reports or fed speakers making news today.

The Dow, Nasdaq, and S&P traded mostly slightly lower and ended near their session lows on worries about the economy and what action the Federal Reserve may take at their next meeting on December 11th.

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Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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