The gold price
Gold & Silver End Monday 2% Higher as Stocks Rally, T-Bonds Fall on New Record US Deficit - 2 February 2010
From Chris Mullen at GoldSeek.com...
The Gold Price fell a few dollars in Asian dealing on Monday, and traded near unchanged in London before it climbed steadily higher throughout trade in New York.
Ending near its late session high of $1105.90 with a gain of 2.0% vs. the Dollar, the Gold Price in Euros rose to about €793 an ounce.
Silver followed a similar pattern and ended near its late session high of $16.655 with a gain of 2.5%.
Platinum gained $33 to $1542, and copper gained a few cents to about $3.08.
Gold Mining and silver equities rose throughout most of the day and ended with over 5% gains.
Oil rose on hopes for rising demand due to cold weather and also on worries over supply disruptions after a pipeline attack in Nigeria.
The US Dollar index fell after stronger-than-expected data from the Eurozone's Purchasing Managers Index pushed the single currency higher.
Treasury bonds fell after President Obama unveiled a $3.83 trillion federal budget for 2010, requiring a new record deficit of $1.53 trillion.
The Dow, Nasdaq, and S&P stock indices rose more than 1% despite mixed economic data in the US, where Personal Income for Dec. showed a 0.4% rise, beating expectations, but Personal Spending rose much slower than analysts forecast.
New Construction Spending fell by 1.2%, rather than the 0.5% expected. The Institute of Supply Management's manufacturing index rose to its best level since Aug. 2004, sparking a late bounce in the US Dollar.
Tuesday at 10:00 EST brings the Pending US Home Sales report for Dec., expected higher by 1.1%.
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The Gold Price fell a few dollars in Asian dealing on Monday, and traded near unchanged in London before it climbed steadily higher throughout trade in New York.
Ending near its late session high of $1105.90 with a gain of 2.0% vs. the Dollar, the Gold Price in Euros rose to about €793 an ounce.
Silver followed a similar pattern and ended near its late session high of $16.655 with a gain of 2.5%.
Platinum gained $33 to $1542, and copper gained a few cents to about $3.08.
Gold Mining and silver equities rose throughout most of the day and ended with over 5% gains.
Oil rose on hopes for rising demand due to cold weather and also on worries over supply disruptions after a pipeline attack in Nigeria.
The US Dollar index fell after stronger-than-expected data from the Eurozone's Purchasing Managers Index pushed the single currency higher.
Treasury bonds fell after President Obama unveiled a $3.83 trillion federal budget for 2010, requiring a new record deficit of $1.53 trillion.
The Dow, Nasdaq, and S&P stock indices rose more than 1% despite mixed economic data in the US, where Personal Income for Dec. showed a 0.4% rise, beating expectations, but Personal Spending rose much slower than analysts forecast.
New Construction Spending fell by 1.2%, rather than the 0.5% expected. The Institute of Supply Management's manufacturing index rose to its best level since Aug. 2004, sparking a late bounce in the US Dollar.
Tuesday at 10:00 EST brings the Pending US Home Sales report for Dec., expected higher by 1.1%.
Looking to Buy Gold today? Cut out the middleman, trading the safest gold at the very lowest prices possible, using BullionVault...
Chris Mullen, 02 Feb '10
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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