Gold News

Gold Ends Thurs Little Changed as US Growth Revised Sharply Higher

From Chris Mullen at

Gold and silver traded roughly 0.5% to 1.0% higher in Asia and London on Thursday and rose to see nearly 2% and 4% gains by midmorning in New York.

Both metals then fell back off to see slight losses at $825.05 and $13.47 by about noon EST, but they then rallied back higher in the last hour and a half of trade and ended with gains of 0.44% and 0.89%.

The Gold Price in Euros rose to about €566, platinum gained $36.50 to $1473.50, and copper fell over 4 cents to about $3.43.

The US Dollar index erased overnight losses after GDP data came in better than expected. The Dollar then turned higher after oil reversed its gains to losses later into the day.

Crude oil rose over $2 to above $120 in early trade, but it fell back off to close with an over $2 loss as traders began to doubt whether Hurricane Gustav will actually hit rigs in the Gulf of Mexico with enough intensity to cause any significant damage.

US Treasury bonds fell as the Dow, Nasdaq, and S&P rose over 1% on better than expected GDP data and lower oil prices.

Gold and silver mining equities rose over 2% at the open before they fell to see slight losses by early afternoon, but they then rallied back higher in afternoon trade and ended mostly higher.

Friday at 13:30 GMT brings US Personal Income for July, expected at -0.2% and Personal Spending expected at 0.2%. Then comes Chicago PMI for August – expected at 50.0 – and Michigan Sentiment for August, expected at 62.0.

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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