Gold News

Gold & Silver Slip as Oil Retreats, Dollar Jumps on Swine Flu Fears

From Chris Mullen at

Gold saw decent gains in early Asian trade Monday before it fell as much as $8 to $904.60 shortly after the open in New York.

The Gold Price then rallied back higher for the rest of the morning and ended with a loss of just 0.6%, but slumped again after-hours to drop back through $900 an ounce.

The Gold Price in Euros meantime touched €698 an ounce before slipping 1.5%.

Oil fell back near $50 on concerns that a potential swine flu outbreak will hurt the economy and energy demand.

The US Dollar index jumped higher on cash-raising a little after lunchtime in New York, after reports of an earthquake in Mexico City added to worries over swine flu.

Treasuries rose while the Dow, Nasdaq, and S&P traded mostly slightly lower on worries over the global economy.

Platinum lost $35 to $1138.50, and copper fell over 6 cents to about $1.99.

Silver traded over 1% higher in Asia before it fell to see a 5 cent loss at $12.84 by late morning in New York. It then rallied back higher in the last two and a half hours of US trade and ended with a gain of 0.4%, but also slumped at the start of Tuesday's Asian trade to dip below $12.70 an ounce.

Gold Mining and silver equities traded just slightly lower in Monday-morning trade before they fell about 2% by mid-afternoon, but they then rallied back higher in late trade and ended just slightly lower.

There were no major economic reports from the US on Monday, but Tuesday at 15:00 BST brings Consumer Confidence for April, expected at 28.8.

That's followed by the S&P/CaseShiller Home Price Index for February expected down 18.8% year-on-year.

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.

See the full archive of Chris Mullen articles


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