The gold price
Gold Up, Stocks Down, as "Risk Averse" Dollar Rally Whacks Crude Oil - 1 September 2009
From Chris Mullen at GoldSeek.com...
Gold reversed slight gains in Asia on Tuesday and fell as low as $946.33 in London before rising in New York.
Seeing a $5.10 gain at $956.60 by 10:00 EST, the Gold Price then fell back to see slight losses again in late morning trade, but it climbed back higher in the last 90 minutes of trade and ended near its earlier high with a gain of 0.4%.
The Gold Price in Euros rose €10 an ounce to €673.
Oil fell amid another round of risk aversion that sent the US Dollar index and Treasury bonds higher on cash raising and safe haven buying.
The Dow, Nasdaq, and S&P saw early gains after better than expected economic data, but they then reversed midday and fell about 2% by the close on worries over more bank failures.
Pending home sales in the US rose 3.2% in July after June's 3.6% increase, twice as fast as analysts forecast.
The Institute of Supply Management's Manufacturing report – the ISM index – also beat expectations, signaling growth for the first time since Jan. 2008. But construction spending was down in July, more than reversing June's increase.
Silver meanwhile followed a similar rollercoaster ride to the Gold Price, ending near its late session high of $15.06 with a gain of 1.0%.
Platinum lost $16.50 to $1219, and copper fell slightly to about $2.80.
Gold Mining and silver equities fell nearly 3% by late morning before they rebounded in afternoon trade, but they still ended with about 2% losses on the day.
Wednesday at 08:15 EST brings the private-sector's ADP Employment report for August, expected to show 246,000 job losses.
At 08:30 comes second quarter US Productivity expected at 6.1%, with Factory Orders for July due at 10:00 and expected at 1.5%. Then at 14:00 EST comes the release of minutes from the Federal Reserve's August 12th meeting.
Ready to Buy Gold...?
Gold reversed slight gains in Asia on Tuesday and fell as low as $946.33 in London before rising in New York.
Seeing a $5.10 gain at $956.60 by 10:00 EST, the Gold Price then fell back to see slight losses again in late morning trade, but it climbed back higher in the last 90 minutes of trade and ended near its earlier high with a gain of 0.4%.
The Gold Price in Euros rose €10 an ounce to €673.
Oil fell amid another round of risk aversion that sent the US Dollar index and Treasury bonds higher on cash raising and safe haven buying.
The Dow, Nasdaq, and S&P saw early gains after better than expected economic data, but they then reversed midday and fell about 2% by the close on worries over more bank failures.
Pending home sales in the US rose 3.2% in July after June's 3.6% increase, twice as fast as analysts forecast.
The Institute of Supply Management's Manufacturing report – the ISM index – also beat expectations, signaling growth for the first time since Jan. 2008. But construction spending was down in July, more than reversing June's increase.
Silver meanwhile followed a similar rollercoaster ride to the Gold Price, ending near its late session high of $15.06 with a gain of 1.0%.
Platinum lost $16.50 to $1219, and copper fell slightly to about $2.80.
Gold Mining and silver equities fell nearly 3% by late morning before they rebounded in afternoon trade, but they still ended with about 2% losses on the day.
Wednesday at 08:15 EST brings the private-sector's ADP Employment report for August, expected to show 246,000 job losses.
At 08:30 comes second quarter US Productivity expected at 6.1%, with Factory Orders for July due at 10:00 and expected at 1.5%. Then at 14:00 EST comes the release of minutes from the Federal Reserve's August 12th meeting.
Ready to Buy Gold...?
Chris Mullen, 01 Sep '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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