Gold News

Gold ends Mon 0.4% lighter as stocks rally

From Chris Mullen at GoldSeek.com...

The Gold Market traded about a Dollar lower in Asia and London on Monday before it extended its losses in late New York trade and ended near its low of the session with a loss of 0.40%.

Silver saw over 10 cent gains in Asia, but it then fell back off in London and New York and closed with a loss of 0.30%.

The Euro Price of Gold fell to about €493, platinum lost $2 to $1,328, palladium lost $1 to $369, and copper fell roughly 5 cents to about $3.66.

Gold and silver equities traded marginally lower throughout the day and ended with minimal losses. There were no major economic reports Monday and they are none due out today.

Oil fell as several refineries came back online over the weekend and OPEC expressed concern about high prices and said that $60 to $65 a barrel is a reasonable price. The US Dollar index rebounded from its past few weeks of consistent losses, but gains were limited with no major economic data to act on.

Treasuries fell slightly as stocks rose, but the yield on the 10-year remained under 5.00%. The Dow, Nasdaq, and S&P rose on decent earnings reports and buyout news.

In the exchange-traded gold funds, which track the Gold Price rather than giving investors outright ownership, the Johannesburg's ETF added 0.13 tonnes of gold to the bullion it holds in trust, while all the other major trusts were unchanged.

In the gold mining sector, Newmont said it had resolved a dispute with Uzbekistan, Gammon Gold appointed a Corporate Director, and Pacific Rim gave its year-end results, all making headlines on Monday.

Adrian Ash is director of research at BullionVault, the physical gold and silver 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 is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews.

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