Gold News

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

From Chris Mullen at GoldSeek.com...

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.

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