Gold Seeker Closing Report: Gold and Silver Fall Over 1% - 29 July 2009

Euro gold fell to about €663, platinum lost $20.50 to $1191, and copper fell a couple of cents to about $2.52.

Gold and silver equities fell over 6% by midday before they rallied back a bit in afternoon trade, but they still ended with a little over 4% losses.

Oil and stocks fell while the U.S. dollar index and treasuries rose on today’s worse than expected Consumer Confidence reading that reignited worries over the economy. Gains in bonds, however, were somewhat limited by today’s less than stellar $42 billion 2-year note auction. The Nasdaq also reversed early losses and ended higher while the Dow and S&P erased most of their morning weakness on hopes for better results and readings later in the weak.

From Chris Mullen of Gold-Seeker.com .

Chris Mullen, 29 Jul '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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