Gold News

Gold Ends Monday 0.5% Higher as Stocks Slump; Oil Slips on Saudi Output Hike

From Chris Mullen at GoldSeek.com...

Gold Prices traded slightly higher in Asia on Monday and rose as high as $836.80 with a nearly 2% gain by early trade in London.

But the Gold Market then fell back off for most of the rest of trade and ended New York with a gain of just 0.57% for the session.

Silver rose to as high as $15.00 by early trade in London before it fell to as low as $14.59 by late morning in New York. It then bounced back higher into the close and ended with a gain of 0.82%.

Gold Priced in Euros closed at €556, platinum lost $1 to $1467, palladium remained unchanged at $353, and copper rose slightly to abut $3.02.

The Dow, Nasdaq, and S&P opened higher on reports of strong retail sales over the long holiday weekend, but all three indices fell back off in afternoon trade and ended with about 2% losses on worries over the credit market. Gold and silver mining equities fell along with the major indices in the last two hours of trade and ended with over 3% losses.

There were no major economic reports on Monday. Tuesday at 14:00 GMT brings US Consumer Confidence for Nov., expected at 91.5. Also this week will be speeches from eight members of the Federal Reserve at various times.

Oil prices fell on news that the Saudis have increased production to over 9 million barrels a day, while the US Dollar index fell to a new record low and Treasuries rose markedly on worries over the continually weakening credit market.

The yield on the 10-year again fell under 4% and the yield on the 2-year fell under 3%.

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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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