The gold price
Gold Flat, Silver Down, as Oil Drops on US Stockpile Data - 27 August 2009
From Chris Mullen at GoldSeek.com...
Gold rose $6 to $949.90 an ounce by late trade in Asia on Wednesday, before it fell back off in London, down to $939.85.
The Gold Price then rallied higher in New York dealing, closing the day unchanged. The Gold Price in Euros rose to €664.
Silver rose over 1% to $14.46 in Asia before it fell to see a near 1% loss at $14.16 by 10:00 EST in New York. Silver also then rallied, closing with a loss of 0.3%.
Platinum lost $7 to $1231, and copper remained at about $2.85.
Gold Mining and silver equities fell over 2% by early afternoon, but they then rebounded into the close and ended with less than 1.5% loss on the day on average.
Oil remained lower after the Energy Information Administration (EIA) reported that US crude inventories rose 200,000 barrels last week. Gasoline inventories fell 1.7 million barrels, distillates rose 800,000 barrels, and refinery capacity utilization rose 0.1% to 84.1%.
The build in crude inventories was not as large as the American Petroleum Institute’s overnight report of a 4.3 million barrel build had inspired early losses, but the more closely watched EIA data was enough to keep a bearish tilt on the energy markets.
The US Dollar index and Treasury bonds rose despite better than expected economic data – led by New Home Sales, up 10% in July from June – as a renewed sentiment shift towards risk aversion kept a lid on the Dow, Nasdaq, and S&P.
Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 565,000, plus an update on second quarter GDP, expected at -1.4%, with the Chain Deflator expected at 0.2%, and Core PCE expected up 2.0%.
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Gold rose $6 to $949.90 an ounce by late trade in Asia on Wednesday, before it fell back off in London, down to $939.85.
The Gold Price then rallied higher in New York dealing, closing the day unchanged. The Gold Price in Euros rose to €664.
Silver rose over 1% to $14.46 in Asia before it fell to see a near 1% loss at $14.16 by 10:00 EST in New York. Silver also then rallied, closing with a loss of 0.3%.
Platinum lost $7 to $1231, and copper remained at about $2.85.
Gold Mining and silver equities fell over 2% by early afternoon, but they then rebounded into the close and ended with less than 1.5% loss on the day on average.
Oil remained lower after the Energy Information Administration (EIA) reported that US crude inventories rose 200,000 barrels last week. Gasoline inventories fell 1.7 million barrels, distillates rose 800,000 barrels, and refinery capacity utilization rose 0.1% to 84.1%.
The build in crude inventories was not as large as the American Petroleum Institute’s overnight report of a 4.3 million barrel build had inspired early losses, but the more closely watched EIA data was enough to keep a bearish tilt on the energy markets.
The US Dollar index and Treasury bonds rose despite better than expected economic data – led by New Home Sales, up 10% in July from June – as a renewed sentiment shift towards risk aversion kept a lid on the Dow, Nasdaq, and S&P.
Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 565,000, plus an update on second quarter GDP, expected at -1.4%, with the Chain Deflator expected at 0.2%, and Core PCE expected up 2.0%.
Looking to Buy Gold today? Make it simple, secure and cost-effective at BullionVault...
Chris Mullen, 27 Aug '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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