Gold News

Gold & Silver Prices Volatile as Euro Bounces from 4-Year Low

From Chris Mullen at

Gold and Silver Prices rose over 1% in Asia on Monday, before they both fell to see modest losses in London.

Gold and Silver Prices then climbed back higher in early New York trade, but both metals fell back off to new session lows in late morning action.

Gold rallied to end the day unchanged. Silver closed with a loss of 1.5%.

The Gold Price in Euros hit a new record in intra-day and closing high, finishing €995 an ounce, even as the Euro rebounded from a new 4-year low, driven by persistent fears over debt problems in Europe.

The US Dollar index ended slightly higher. Oil fell on continued worries about energy demand due to impacts from the European debt crisis.

Treasuries fell as the Dow, Nasdaq, and S&P reversed notable losses seen during most of day, rising in the last hour of trade to end with slight gains.

Platinum lost $45 to $1661.50, and copper fell 20 cents to about $2.92.

Gold Mining and silver equities fell over 3.5% by about noon EST before they rallied back higher in afternoon trade, but they still ended with over 2% losses.

New data showed the New York State "Empire" Manufacturing Index turning notably lower. Long-term investment flows to US assets rose sharply in March, surging to $140bn from Feb.'s $47bn.

Tuesday at 08:30 ET brings US Building Permits for April, expected at 680,000, with Housing Starts expected at 655,000.

Producer Price inflation for April is expected at 0.1% for the month, and Core PPI is forecast at 0.1%.

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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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