Gold ends Weds 0.5% higher as Dollar bounces; US housing slows again
From Chris Mullen at GoldSeek.com...
Spot Gold Prices traded in a range between $720-$725 in Asia, London, and New York on Wednesday before ending near the bottom of that range.
The Price of Gold still ended the session with a respectable gain of 0.8%, while silver traded around the $13.00 level for most of world trade before it also ended near its low of the session for a gain on Tuesday's finish of 1.25%.
The Price of Gold in Euros fell under €517, platinum gained $7 to $1,307, palladium gained $3 to $332, and copper gained over 13 cents to about $3.58.
Gold and silver equities rose over 2% in the first half hour of trade before they fell back off into the close, but they still ended with about 1% gains.
The US exchange-traded gold fund, which is also listed in Singapore, added more than 7 tonnes of gold bullion to its holdings in trust, taking the total to a fresh record of more than 575 tonnes. (To Buy Gold outright, rather than merely tracking the price via a trust arrangement that fails to give you ownership of gold bullion, visit BullionVault here...)
On the data front, the US inflation figures for Aug. showed a dip in consumer prices of 0.1% from July. New housing projects and building permits for last month both came in below the previous month's figures, and they also fell below Wall Street expectations.
Thursday at 13:30 GMT brings Initial US Jobless Claims for the week-ending last Friday, followed by Leading Indicators report and the Philadelphia Fed's survey of business conditions.
In the broader commodity markets on Weds, oil rose to a new record high above $82 before it fell back off in reaction to a mixed US inventory report. It still ended Weds with a gain of about 0.5%.
After getting slammed in reaction to the US Fed's decision to slash Dollar interest rates, the Dollar's Trade-Weighted Index fell as low as 79.09 overnight, but rebounded from new 15-year lows on hopes that those lower interest rates will help support the US economy.
Treasury bond prices fell as the Dow, Nasdaq, and S&P continued to advance.
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