Gold News

Gold Ends Thurs Near Two-Week Low as Wall Street Stumbles, Jobless News Looms

From Chris Mullen at

Gold Prices fell $7.75 to $761.80 by the New York opening on Thursday, rising to see a $16.39 gain by late morning but then falling back off into the close and ending near the two-week low hit on Tuesday with a loss of 0.62%.

Silver rose 10 cents to $9.68 in London before it fell in early New York trade. Silver then rallied for most of the session to end with a loss of 0.68%.

The Gold Price in Euros fell through €600 an ounce for the first time since Nov. 21st, platinum lost $1 to $795, and copper fell over 8 cents to about $1.45.

Oil fell markedly once again near a new four-year low on concern that harsh economic conditions will continue to cut into demand.

The US Dollar index fell, Treasuries rose, and the Dow, Nasdaq, and S&P sold off rather notably by the close.

Gold Mining and silver equities rose over 3% in morning US trade, but they then fell back off along with the major indices and ended with over 3% losses for the session.

CEOs from the big 3 automakers testified again before the Senate Banking Committee with hopes of receiving as much as $34 billion from the US taxpayer to save the companies from bankruptcy.

Hearings continue at the House committee Friday, before a potential bill will be proposed before Congress.

Friday at 13:30 EST brings November's US jobs data. Nonfarm Payrolls are expected down 325,000, the Unemployment Rate is expected higher at 6.8%, and Hourly Earnings are expected to show 0.2% growth.

Then comes Consumer Credit for October, expected at just $1.5 billion from almost $7bn last time.

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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