The Euro Gold Price fell to about €1019. Silver Prices fell to as low as $38.962 by early afternoon Wednesday in New York and ended with a loss of 7.09%.
Gold and silver mining equities fell roughly 2% by early afternoon, but they then rallied back higher for most of the rest of trade and ended near unchanged.
Platinum lost $16.50 to $1823.50, and copper fell 12 cents to about $4.12.
Oil fell after the Energy Information Administration reported that crude inventories rose 3.4 million barrels, gasoline inventories fell 1.0 million barrels, and distillates fell 1.0 million barrels.
The Dollar fell to a fresh three-year low on Wednesday and the Euro briefly rose above $1.49 as weaker-than-expected US employment data convinced investors that US interest rates would remain low this year.
Treasuries rose as the Dow, Nasdaq, and S&P fell on worse than expected economic data. Among the big names making news in the market Wednesday were ConAgra, AOL, Glencore, GM, and Applied Materials.
Thursday at 8:30am EST brings Initial Jobless Claims for April 30, expected at 400,000, first quarter Productivity expected at 1.0%, and Unit Labor Costs expected at 0.8%.
News Gold and Silver Prices 5 May 2011
India gold falls on weak dollar index
Spot Gold settled 1.28% lower than the previous closing at $1516.32. The same has been observed in the futures in COMEX and MCX division. The immediate June delivery in both divisions has lost more than a percent. The dollar index could not sustain the gain on the back of weaker economic releases and again fell by 0.036% to settle at $73.114. Read More...
Gold: The Next Milestone - 5 May 2011
MALCOLM GISSEN founded Malcolm H. Gissen & Associates Inc., an investment advisory firm, in 1985. Mr. Gissen's management experience has focused primarily on investments in publicly traded companies.Read More...
Fairfax Market Report including Shanta Gold and Glencore
News of conflict in the Middle East seems to have subsided although it may have been overshadowed by events in Pakistan – this does not mean the world has become any less risky and security services are on alert for terrorist attacks. Read More...
The FOMC’s first ever press conference has gold setting new records
In part 1 we looked at how Federal Reserve Chairman Ben Bernanke’s first ever press conference, following an Federal Open Market Committee (FOMC) rates and policy meeting, sent the price of gold through the roof. Traders dived into gold despite the fact that Bernanke was at pains in the conference to emphasize that the Fed did not intend to continue Quantitative Easing 2 beyond June.Read More...
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