From Chris Mullen at GoldSeek.com...
and silver fell throughout most of trade in Asia and London on Thursday
and dropped as low as $857.05 and $16.22 respectively just before 09:00
in New York.
Both metals then rallied back higher into the close and ended well off those lows. Gold still ended with a loss of 1.23%, however.
Silver prices shed 2.23%.
The Gold Price in Euros fell to a five-week low before ending unchanged
at €564 per ounce. Platinum lost $22 to $2015.50, and copper fell over
4 cents to about $3.53.
Gold and silver equities fell about 3% by late morning in the US before
they rebounded to see only about 1.5% losses by mid-afternoon. Gold
mining stocks then fell back off in the last couple of hours of trade
and ended with over 2% losses after the major indices erased much of
their early gains.
The US Dollar index rose and Treasury bonds fell after
better-than-expected Retail Sales data. The Dow, Nasdaq, and S&P
rose over 1% in morning trade on that economic optimism, too. But a
late rebound in oil prices took the indices well off their highs to end
with only modest gains.
Crude oil had fallen almost $5 at one point on Dollar strength, but it
then rallied back to find a slight gain by the close on talks of a
strike in Nigeria and some refinery outages in the US.
Import price inflation slowed last month from April, according to the
Bureau of Labor Statistics, but still recorded a 17.8% year-on-year
Last week's new jobless claims came in higher than expected.
Friday at 13:30 GMT brings US consumer-price data for May, expected at
0.5% month-on-month with Core CPI forecast at the usual 0.2%.
At 15:00 GMT comes Michigan Sentiment for June, expected at 59.5.
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