The gold price
Gold Price Ticks Higher Ahead of US Fed Rate Announcement - 24 June 2009
From Chris Mullen at GoldSeek.com...
The Gold Price fell nearly 1% in Asia on Tuesday, down as low as $913.30 per ounce before it rose in London and saw slight gains in early New York trade.
A midmorning sell-off brought the Gold Price back to trade slightly lower around 11:00 EST, but it then rallied higher into the close and ended near its late session high of $926.25 with a gain of 0.34% for the day.
The Gold Price in Euros slipped 0.7% to €656 an ounce.
Platinum lost $4 to $1156.50, and copper gained over 6 cents to about $3.19, while silver followed a similar pattern to gold and ended near its high of $13.88 with a gain of 0.7%.
Gold Mining and silver equities rose over 2% at the open before they fell to see slight losses by midmorning, but they then rallied back higher for the rest of the day and ended with over 4% gains.
Oil rose about 2% after some supply disruptions in Nigeria renewed worries over militant attacks in the area.
The US Dollar index plummeted back under 80 and Treasury bonds rose after Tuesday's auction of $40 billion of new two-year notes drew strong demand and made it less likely the Federal Reserve will need to raise interest rates anytime soon to draw bidders for government debt.
The Dow, Nasdaq, and S&P remained mixed and near unchanged ahead of Wednesday's Fed announcement, slipping early on new of weaker than expected Existing Home Sales in May.
Wednesday brings US Durable Good Orders data for May expected at -0.9%. Excluding transportation, orders are expected at -0.5%. Then comes the New Home Sales report for May, expected at 360,000, and at 14:15 EST, the FOMC rate announcement.
The Gold Price fell nearly 1% in Asia on Tuesday, down as low as $913.30 per ounce before it rose in London and saw slight gains in early New York trade.
A midmorning sell-off brought the Gold Price back to trade slightly lower around 11:00 EST, but it then rallied higher into the close and ended near its late session high of $926.25 with a gain of 0.34% for the day.
The Gold Price in Euros slipped 0.7% to €656 an ounce.
Platinum lost $4 to $1156.50, and copper gained over 6 cents to about $3.19, while silver followed a similar pattern to gold and ended near its high of $13.88 with a gain of 0.7%.
Gold Mining and silver equities rose over 2% at the open before they fell to see slight losses by midmorning, but they then rallied back higher for the rest of the day and ended with over 4% gains.
Oil rose about 2% after some supply disruptions in Nigeria renewed worries over militant attacks in the area.
The US Dollar index plummeted back under 80 and Treasury bonds rose after Tuesday's auction of $40 billion of new two-year notes drew strong demand and made it less likely the Federal Reserve will need to raise interest rates anytime soon to draw bidders for government debt.
The Dow, Nasdaq, and S&P remained mixed and near unchanged ahead of Wednesday's Fed announcement, slipping early on new of weaker than expected Existing Home Sales in May.
Wednesday brings US Durable Good Orders data for May expected at -0.9%. Excluding transportation, orders are expected at -0.5%. Then comes the New Home Sales report for May, expected at 360,000, and at 14:15 EST, the FOMC rate announcement.
Chris Mullen, 24 Jun '09
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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