Gold News

Gold Slips 0.7% as London Closes for Bank Holiday; Wall Street Stocks Sink as US Dollar Rises Again

From Chris Mullen at

Absent all London Gold Dealing as the UK was closed for a Bank Holiday, Gold Prices briefly spiked lower to $815.85 at the New York opening on Monday before quickly rallying back near unchanged as high as $825.85 per ounce.

then meandered lower into the close and ended with a loss of 0.76% for the session.

Oil found slight gains on storm worries and increased geopolitical concerns. Silver dropped to $13.21 by late trade in Asia before it rallied to find a slight gain at $13.56 in New York, but it also fell back off into the close and ended with a loss of 1%.

The Gold Price in Euros fell to about €556, platinum lost $14 to $1424.50, and copper rose slightly to about $3.48.

Gold and silver equities rose roughly 1% at the open, but they then fell back off for most of the rest of trade and ended with about 1% losses.

On the economic front, Sales of Existing US Home rose 3.1% for last month, but inventories rose even more to 11.2 months' of supply as more sellers put their homes on the market than there were buyers. Even so, the US Dollar index ended marginally higher on the view that the US is better off economically than Europe going forward.

Treasuries rose while the Dow, Nasdaq, and S&P were led markedly lower by the financials on worries over credit spreads and also some increased rhetoric between the US and Russia that so far has been mostly ignored by the market.

Tuesday at 15:00 GMT brings US Consumer Confidence for August, expected at 53.0, and New Home Sales for July – expected at 525,000.

Then at 19:00 comes the release of the latest Federal Reserve minutes from the August 5th meeting.

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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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