Gold Seeker Closing Report: Gold and Silver Fall Over 1% and 3% - 30 July 2009

Gold and silver traded mostly slightly lower in Asia and London, but they then accelerated their losses in New York and gold ended near its low of $925.00 with a loss of 1.26% while silver closed near its low of $13.167 with a loss of 3.49%.

Euro gold fell to about €661, platinum lost $22 to $1169, and copper fell over 4 cents to about $2.47.

Gold and silver equities fell roughly 3% in the first hour of trade and remained at about that level for the rest of the day.

The fed’s Beige Book said that they see retail activity as sluggish with some improvement in manufacturing, but lending is seen as stable or weak. Overall the fed said that the economy continues to be weak, but the pace of decline is slowing.

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/25 expected at 585,000.

From Chris Mullen at Gold-Seeker.com .

 

Chris Mullen, 30 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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