Gold Ends Tues Higher, Silver Slips as Stocks Stall

From Chris Mullen at GoldSeek.com...

Gold traded slightly lower in Asia and London on Tuesday before it rose as high as $1109.20 per ounce by 10:30 EST in New York.

The Gold Price then fell back to see slight losses in afternoon trade, and ended with a gain of only 0.1% from Monday.

Silver rose to see a 9-cent gain as high as $17.54 by midmorning in New York, but it then fell back off into the close and ended with a loss of 1.2%.

The Gold Price in Euros rose to about €736, platinum lost $15.50 to $1339.50, and copper remained at about $2.96.

Gold Mining and silver equities saw slight gains about an hour into trade before they fell to see over 1% losses by midmorning, but they then rallied back higher in afternoon trade and ended with slight gains.

Oil ended lower as tropical storm Ida weakened to a tropical depression and had minimal impact on facilities in the Gulf of Mexico.

The US Dollar ended just slightly lower while the Pound Sterling fell markedly after Fitch Ratings said the UK was the major economy most at risk of losing its AAA credit rating.

US Treasuries rose in early trade as the Dow, Nasdaq, and S&P struggled to find gains and ended mixed on apprehension over the direction of the Dollar. Bonds then reversed course and closed lower after Tuesday's $25 billion 10-year note auction saw a bid to cover of just 2.81 at a higher than expected yield of 3.47%.

The US Federal Reserve meantime warned that jobs are unlikely to turn sharply higher anytime soon as the economic recovery remains weak. No major US economic reports are due out Wednesday.

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