Gold News

Gold Ends Tues Lower as Stocks Fall, Silver Slides, on Poor US Data

From Chris Mullen at

The Gold Price held near unchanged in Asia and London on Tuesday before it dropped in morning New York trade as low as $828.70 per ounce.

Gold Bullion then rallied nearly $10 from that low in the last hour of trade to end with a loss of 1.03%.

Silver fell as low as $10.11 a little before noon EST before it also bounced back higher in afternoon trade, but it still ended with a loss of 5.81%.

The Gold Price in Euros fell back to €600, platinum lost $8 to $840, and copper fell over 6 cents to about $1.27.

Gold and silver equities rose over 3% at the opening before they fell to see slight losses midday. Gold Mining stocks then rallied back higher in afternoon trade and ended with nearly 3% gains despite lower closes for the metals and a weaker general market.

Oil fell on more demand worries after another round of mostly poor economic data, with US economic growth for the third quarter confirmed at -0.5%. Sales of both existing and new homes during Nov. came in sharply below expectations.

The US Dollar index ended slightly higher while Treasuries rose as the Dow, Nasdaq, and S&P erased their morning gains and ended lower on persistent economic worries.

Wednesday at 13:30 GMT brings Durable Goods Orders for November (expected down 3.1%), Initial Jobless Claims for last week (expected at 558,000), Personal Income for November (expected at 0.0%), and Personal Spending (expected at -0.8%).

European and US markets will close early and remain closed until Friday. The London gold market will stay shut until Monday.

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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