The gold price
Gold & Silver End Weds Higher as Stocks Gain, Dollar & Oil Fall - Thursday 2nd July 2009
From Chris Mullen at GoldSeek.com...
Gold and silver saw slight gains in Asia and London on Wednesday before they jumped higher in morning New York trade.
Rising as high as $946.25 and $13.86 respectively per ounce by a little after noon, both Gold Prices and silver fell off slightly in the last hour or so of trade, but gold still ended with a gain of 1.6% while silver added 1.3%.
The Gold Price in Euros rose to about €664.
Platinum gained $22 to $1192.50, and copper gained over 6 cents to about $2.33.
Gold Mining and silver equities rose to see over 5% gains by early afternoon before they fell back off a bit into the close, but they still ended with about 4% gains.
Oil again erased overnight gains and eventually fell below Tuesday's finish as crude inventories at the key Cushing, Oklahoma plant showed an increase of 200,000 barrels and gasoline inventories overall grew by 2.3 million barrels. Distillates added 2.9 million barrels.
Crude inventories overall fell by 3.7 million barrels, but that was not enough to overcome what is seen as an overbought market.
The US Dollar index and Treasury bonds fell as China was rumored to have requested "a reserve currency debate" at next week's Group of Eight meeting.
On Wall Street, the Dow, Nasdaq, and S&P rose as Wednesday's varied economic reports showed some signs of encouraging relative strength, but with enough weakness to keep US rates on hold at 0.25% and below from here.
The private-sector ADP payroll report showed a larger than forecast drop of 473,000 jobs lost in June. Construction spending also fell more than forecast in May.
Pending Home Sales ticked higher, however, and the ISM index of sentiment also rose.
Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 615,000, plus June's government jobs data.
Non-Farm Payrolls are expected down by 363,000, and the Unemployment Rate is expected at 9.6%. Analysts forecast that Hourly Earnings will show a 0.1% rise, and the Average Workweek is expected at 33.1 hours.
At 10:00 EST comes the Factory Orders report for May, expected up 0.8%.
US markets are then closed on Friday in observance of Independence Day.
Gold and silver saw slight gains in Asia and London on Wednesday before they jumped higher in morning New York trade.
Rising as high as $946.25 and $13.86 respectively per ounce by a little after noon, both Gold Prices and silver fell off slightly in the last hour or so of trade, but gold still ended with a gain of 1.6% while silver added 1.3%.
The Gold Price in Euros rose to about €664.
Platinum gained $22 to $1192.50, and copper gained over 6 cents to about $2.33.
Gold Mining and silver equities rose to see over 5% gains by early afternoon before they fell back off a bit into the close, but they still ended with about 4% gains.
Oil again erased overnight gains and eventually fell below Tuesday's finish as crude inventories at the key Cushing, Oklahoma plant showed an increase of 200,000 barrels and gasoline inventories overall grew by 2.3 million barrels. Distillates added 2.9 million barrels.
Crude inventories overall fell by 3.7 million barrels, but that was not enough to overcome what is seen as an overbought market.
The US Dollar index and Treasury bonds fell as China was rumored to have requested "a reserve currency debate" at next week's Group of Eight meeting.
On Wall Street, the Dow, Nasdaq, and S&P rose as Wednesday's varied economic reports showed some signs of encouraging relative strength, but with enough weakness to keep US rates on hold at 0.25% and below from here.
The private-sector ADP payroll report showed a larger than forecast drop of 473,000 jobs lost in June. Construction spending also fell more than forecast in May.
Pending Home Sales ticked higher, however, and the ISM index of sentiment also rose.
Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 615,000, plus June's government jobs data.
Non-Farm Payrolls are expected down by 363,000, and the Unemployment Rate is expected at 9.6%. Analysts forecast that Hourly Earnings will show a 0.1% rise, and the Average Workweek is expected at 33.1 hours.
At 10:00 EST comes the Factory Orders report for May, expected up 0.8%.
US markets are then closed on Friday in observance of Independence Day.
Chris Mullen, 02 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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