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Gold Posts Moderate Gain as S&P 500 Closes Historic Quarter

Gold Price — Sat, 31 Mar 2012 02:15:43 +0000

The spot gold price rose in trading in New York Friday, as increased consumer sentiment and spending sent everything up but the dollar index. The weak US dollar was the news of the day for the yellow metal, as no other major news out of Europe or China was heard on Friday. Markets in general took a brief rest from recent volatility and will start next week most likely with a fresh vulnerability to news from debt-laden Europe, debt-laden America or overbuilt creditor nation China. No one is out of the woods yet, and great struggles lie ahead for Western markets as banks and the Fed play kick-the-can with the debt bomb. Gold at sub-$1,700 levels is still a greater buy than ever.

The spot gold price rose $7.30 to close at $1,668.70 per ounce.

Spot silver prices closed near flat at $32.28 per ounce after a gain of $0.02.

The Dow Jones Industrial Average jumped 66.22 points to a close of 13,212.00.

The S&P 500 gained 5.19 points, closing at 1,408.47.

The Nasdaq, the only loser on the day besides the dollar, lost a mere 3.79 points to settle at 3,091.57.

Precious Metals Recover Late in Session to Break Even

Gold Price — Fri, 30 Mar 2012 02:43:27 +0000

What was looking like a grim day for gold and silver ended with a rally near the end of the spot trading session in New York. The gold price closed nearly unchanged and silver posted a modest gain. Pessimism permeated markets early on in the session as worries of Europe’s financial stability and a possible Chinese economic slowdown spooked investors out of stocks and commodities. Before the closing bell, however, gold and silver posted a rally off daily lows to finish the day unscathed. Doubt and uncertainty over the mid-term sustainability of recent rallies in global markets has investors on edge, provoking knee-jerk reactions to any news, rumors or economic data.

The spot gold price closed at $1,661.40 per ounce, dropping a paltry $0.70.

Spot silver prices rose $0.22 to close at $32.26 per ounce.

The Dow Jones Industrial Average posted a mere 19.61 point gain, closing at 13,145.80.

The S&P 500 slid 2.26 points to a close of 1,403.28.

The Nasdaq lost 9.60 points to settle at 3,095.36.

Negative Day Pounds Metals, Oil and Stocks

Gold Price — Thu, 29 Mar 2012 01:03:09 +0000

The gold price took a solid hit in spot trading in New York on Wednesday, as a general market sell off ensued following Fed Chairman Ben Bernanke’s pessimism on TV last night and a less than stellar manufacturing report today. Markets are becoming jittery again as uncertainty creeps into investor’s sentiments. Doubts over the solidity of the much-lauded US ‘recovery’, the spectre of another round of QE3 to save bankrupt financial institutions and a new crisis in Europe (Spain?) on the horizon have returned volatility to markets this week.

The spot gold price fell $18.50 to close at $1,662.10 per ounce.

Spot silver prices dropped $0.55 and settled at $32.04 per ounce.

The Dow Jones Industrial Average lost 71.52 points to a close of 13,126.20.

The S&P 500 slid 6.98 points, closing at 1,405.54.

The Nasdaq closed down 15.39 points at 3,104.96.

Late Trading Session Slide Sends Gold Down on Tuesday

Gold Price — Wed, 28 Mar 2012 02:20:55 +0000

After trading near $1,700 after the market opening on Tuesday, the gold price dropped lower and lower as the day went on, finally surrendering more territory near the market close. Stocks and commodities all suffered near the end of the session despite more positive reports on the recovery of the U.S. economy. Precious metals closed with a moderate loss as the Fed’s meeting on Monday is already weighing on investors’ minds.

The spot gold price lost $9.30 to close at $1,680.60 per ounce.

Spot silver prices dropped $0.25 to settle at $32.59 per ounce.

The Dow Jones Industrial Average posted a 43.90 point loss and closed at 13,197.70.

The S&P 500 slid 3.99 points, closing at 1,412.52.

The Nasdaq closed near unchanged at 3,120.35 after losing 2.22 points.

Gold Soars on Bernanke Remarks; QE3 on the Way Again

Gold Price — Tue, 27 Mar 2012 02:38:35 +0000

What could only have lasted a short time – that is, speculation that QE3 was off the table due to some hollow positive economic indicators – is now all but history. The pipe dream that the U.S. economy could sputter on without further money printing stimulus packages and support for insolvent banks and governments lasted only a few short weeks. Fed Chairman Ben Bernanke admitted today at a business conference that the U.S. economy is not out of the woods yet, and that further accommodating monetary policies could be necessary to shore up the “recovery.” The speech inevitably drove gold, silver, stocks and commodities higher as Helicopter Ben stuffed the word ‘stimulus’ back in investor’s mouths. In Europe, there are signs that Spain could be the next insolvent EU member needing a bailout to avoid collapse. A very interesting start to the week, indeed.

The spot gold price gained $27.10 to close at $1,689.90 per ounce.

Spot silver prices rose $0.60 to a close of $32.84 per ounce.

The Dow Jones Industrial Average advanced 160.90 points, closing at 13,241.60.

The S&P 500 gained 19.40 points to close at 1,416.51.

The Nasdaq led the charge in stock markets, closing at 3,122.57 after a 54.65 point gain.

Another Difficult Week for Precious Metals Ends with Solid Gains

Gold Price — Sat, 24 Mar 2012 01:28:02 +0000

Precious metals closed out a negative week with a healthy gain on Friday, as bargain buying and a move up in oil drove investors into the safe havens by excellence. The spot gold price benefited from analysis that sanctions on Iran will cut crude output, sending oil up and metals along with it. Despite the healthy gain on Friday, gold still closed the week down for the fourth week in succession. The yellow metal is eager to break the $1,700 mark again. Extremely low volumes in stock trading this week hints at some measure of uncertainty in investor sentiment, which could spur on the gold price in the coming week.

The spot gold price rose $17.90 to end the week at $1,662.80 per ounce.

Spot silver prices gained $0.65 to close at $32.24 per ounce.

The Dow Jones Industrial Average closed at 13,080.70 after rising 34.59 points.

The S&P 500 finished the week at 1,397.11 after a 4.33 gain on Friday.

The Nasdaq rose 4.60 points to a close of 3,067.92.

Gold Continues Slide on News of Manufacturing Slowdown in EU and China

Gold Price — Fri, 23 Mar 2012 01:33:33 +0000

The precious yellow metal closed slightly lower in spot trading in New York on Thursday, but well above the daily low. Bargain buying is buoying the gold price around the mid-$1,600s and preventing further losses, as fundamentals for precious metals are still more than sufficient for safe haven buying at the hands of gold bugs and traditional investors alike. The bad economic news from the Far East and the Old World was enough to drive stocks down despite increasingly positive jobs data in the U.S.

The spot gold price lost $5.20, closing at $1,644.90 per ounce.

Spot silver prices dropped $0.58 to close at $31.59 per ounce.

The Dow Jones Industrial Average closed at 13,046.10 after dropping 78.48 points.

The S&P 500 shed 10.11 points to a close of 1,392.78 points.

The Nasdaq dropped 12 points, closing at 3,063.32.

China Economic Slowdown and Indian Gold Tax Send Metals Down

Gold Price — Wed, 21 Mar 2012 02:45:11 +0000

The gold price closed lower in spot trading in New York on Tuesday, as investors positioned themselves for further bad economic news out of China. The inevitability of a Chinese slowdown is weighing on markets from time to time. The asian giant’s industry and cheap trinket-making for Western marks slowing down echoes the underlying weakness in European and American economies. Rumors of an Indian tax on gold was the worst news of the day for precious metals. A penalty for possessing or purchasing gold in India, historically a source of great demand for the yellow metal, could lower demand on the Indian subcontinent.

The spot gold price dropped $12.70 to close at $1,650.80 per ounce.

Spot silver prices lost a hefty $0.76, closing at $32.16 per ounce.

The Dow Jones Industrial Average closed down 68.94 points at 13,170.20.

The S&P 500 shed 4.23 points to a close of 1,405.52.

The Nasdaq dropped 4.17 points, closing at 3,074.15.

Gold Posts Modest Gains in Quiet Start to Trading Week

Gold Price — Tue, 20 Mar 2012 01:57:19 +0000

A mostly uneventful Monday saw small gains in the spot gold price in New York. Extremely low volumes traded in the stock markets made for a tranquil day in the metals markets as the dollar index and crude oil were also subdued. A day bereft of European crises, geopolitical tensions and news of China’s economy meant that this Monday could practically be passed off as a “non-event.” Gold and silver buying was mostly done by bargain hunters and short-coverers.

The spot gold price rose $3.40 to close at $1,663.50 per ounce.

Spot silver prices gained $0.36 to a close of $32.92 per ounce.

The Dow Jones Industrial Average closed near flat at 13,239.10 after a 6.51 point gain.

The S&P 500 closed up 5.58 points at 1,409.75.

The Nasdaq rose 23.06 points, closing at 3,078.32.

Precious Metals End Negative Week With Slight Gain – Markets in Limbo

Gold Price — Sat, 17 Mar 2012 03:02:23 +0000

The gold price closed out a torrid week with a minor gain in spot trading in New York on Friday. The key news of the day was deteriorating consumer confidence and a jump in the cost of living along with signs of increasing economic activity. The news sent oil soaring nearly 2%, but doubts about the solidity of the economic “recovery” failed to influence gold buying. The Fed seemed to have a week purposefully prepared to subdue precious metals as the week ends with investors now doubting if QE3 will ever arrive. Doubts have even surfaced over whether or not the central bank will be able to keep its eternal 0% interest rates. Stocks traded mostly flat as markets await more concrete signals of what the future holds.

The spot gold price rose $2.80 to end the week at $1,660.10 per ounce.

Spot silver prices closed out the week at $32.56 per ounce after a measly $0.02 gain on Friday.

The Dow Jones Industrial Average lost 20.14 points to settle at 13,232.60.

The S&P 500 rose 1.57 points to end the week at 1,404.17.

The Nasdaq shed 1.11 points to close at 3,055.26.