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Gold Ends Weds at New Record High, Breaks €800, as US Jobless Rise

From Chris Mullen at

Gold rose as high as $1216.90 by late trade in Asia on Wednesday before it fell back off in London to see a gain of just $7.13 at $1205.98 by 09:00 EST.

The Gold Price then chopped its way higher in New York and ended at a new record high with a gain of 1.1%.

The Gold Price in Euros rose to €806 an ounce.

Silver climbed to $19.35 in Asia before it fell to see a 1 cent loss at $19.09 by midday in London, but it then rose to a new session high of $19.407 in New York and ended with a gain of 1.0%.

Platinum gained $22 to $1499, and copper rose a few cents to about $3.23.

Gold Mining and silver equities rose over 2% in the first half hour of trade before they moderated a bit midday, but they then rallied back higher in late trade and ended with over 2% gains.

Oil extended early losses and ended over 2% lower after the Energy Information Administration reported that crude inventories rose 2.1 million barrels, gasoline inventories rose 4 million barrels, and distillates fell 1.2 million barrels.

The US Dollar index rose on comments out of Japan hinting towards more quantitative easing measures to address the Yen's recent rise. Currency traders also have their eye on Thursday's ECB meeting that is expected to maintain its recent dovish tone.

Treasuries fell on worries over next week's government debt sales that will add a good deal of supply to the market.

The Dow, Nasdaq, and S&P traded mostly modestly lower on worries over more job losses.

The US Federal Reserve's Beige Book observed modestly improving economic conditions and some signs of improvement in most sectors from very low levels. The private-sector ADP payrolls report showed worse than expected US job losses for November, but with unemployment slowing from Oct.

Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 480,000, plus third-quarter Productivity expected at 8.5%.

At 10:00 comes the ISM Services report for November expected at 51.5.

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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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