Gold News

Gold Starts Thanksgiving at New All-Time High, Sri Lanka Buys 10 Tonnes of IMF Gold

From Chris Mullen at

Gold steadily rose throughout world trade on Wednesday and ended New York dealing near its high of $1187.25 an ounce with a gain of 1.7% at a new record closing high.

The International Monetary Fund (IMF) said it's sold 10 tonnes of Gold Bullion to the central bank of Sri Lanka.

Silver climbed as high as $18.75 in late Asian trade before it fell back to $18.545 by midmorning in New York. Silver then rallied back higher in the last few hours of trade and ended right back at that earlier high with a gain of 1.7%.

Both metals then rose to new Dollar highs in after-hours access trade. The Gold Price in Euros rose to €786.

Platinum gained $27.50 to $1466.50, and copper gained over 5 cents to almost $3.17.

Gold Mining and silver equities steadily rose throughout trade and ended with almost 3% gains.

Crude oil rose almost $2 after US inventory stockpiles built a smaller than expected 1.0 million barrels for last week. Gasoline inventories rose 1 million barrels.

The US Dollar plummeted under the 75 level on its trade-weighted index to a new 15-month low on the continued outlook for exceptionally low interest rates for an extended period of time.

Treasury bonds reversed early losses and turned higher after Wednesday's 7-year note auction saw a high yield of just 2.835% with a strong bid to cover of 2.76.

The Dow, Nasdaq, and S&P traded mostly higher on generally better than expected economic data.

Personal US Incomes rose 0.2% in Oct., while Personal Spending rose 0.7%, both faster than forecast.

The PCE inflation rate also beat expectations at 0.2% month-on-month, but Durable Goods orders fell 0.6%, surprising Wall Street forecasts for a 0.5% rise. New Home Sales were stronger than analysts expected.

Last week's Initial Jobless Claims came in below forecast at 466,000.

US markets are closed Thursday in observance of Thanksgiving Day. The stock market will open for a half day on Friday. The weekly Commitment of Traders report on Gold Futures positioning, released by the Commodity Futures Trading Commission, will be delayed until Monday.

Next week's US economic highlights include Chicago PMI on Monday; Construction Spending, the ISM Index, and Pending Home Sales on Tuesday; ADP Employment and the Fed's Beige Book on Wednesday; Initial Jobless Claims, Productivity, the Employment Cost Index, and ISM Services on Thursday; and November's jobs data and Factory Orders on Friday.

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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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