Gold traded down near $490 in Asia before rising up near $495 in London, but it then dropped back below $490 in New York before gaining back in later trade to end just slightly lower.  Silver traded mostly lower in Asia and London before rising in New York and ended near its highs of the session with a modest gain.

Gold and silver equities started off slightly lower but quickly moved up and gained throughout most of trade to end near their highs with about 2.5% gains.

More Precious Metals Analysis:

“With the gold and silver markets failing to hold early gains and then finishing at a new low for the move it would seem like the bear camp is regaining control over prices. With the Dollar rising off a hotter US inflationary reading the bull camp has to be disappointed with the action on a number of fronts. It does feel like the market is seeing ongoing year end profit taking selling and that more selling is likely to follow. Some bulls hoped that firming equity prices would have helped underpin gold but that apparently didn't happen.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index gained on inflation worries from the morning’s Core PCE reading that supported further interest rate hikes by the fed.  The euro gained in early trade on prospects for ECB interest rate hikes before falling off in later trade as the dollar rose.

Crude inventories built 1.3 million barrels after an expected draw, gasoline inventories fell 300,000 after an expected build, and distillates fell 2.8 million barrels which was more than expected.  The mixed report produced mixed trading following the report, but oil ended the day with a decent gain.

Treasuries fell on inflation worries from the Core PCE reading.

The Dow, Nasdaq, and S&P rose throughout the morning to trade nearly 1% higher, but all three indices then fell off in afternoon trade and ended well off of their highs with just modest gains.

Among the big names making news in the market today were FedEx, Calpine, Seagate and Maxtor, and GM.

Gold & Silver Stock News Update from GoldReview.com:

Crystallex’s executive vice president retirement, Cambior’s closed Carlota sale, Barrick’s bid for Placer Dome, Gold Fields’ acquisition of more Bolivar Gold shares, and Great Panther’s closed over-subscribed second and final tranche of their private placement were among the big stories in the gold and silver mining industry making headlines today.

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- Written by Chris Mullen

Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.

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