Gold traded between $580 and $585 in Asia before it started to fall off in London and continued to drop in New York to as low as $571.40, but it then rallied to near unchanged, fell back off a bit, and then rallied again into the close to end with a decent gain on the day.Silver briefly fell under $10 in early New York trade before it also rallied throughout most of the rest of trade and ended with a gain.
Euro gold rose above €465, platinum lost $5 to $1,164, palladium lost $2 to $303, and copper rose more than 10 cents to over $3.20.
Gold and silver equities dropped nearly 2% at the open, quickly rallied to near unchanged, and gained about 2% in early afternoon trade before they fell off a bit, but they still ended with over 1.5% gains.
The Economy:
Report
For
Reading
Expected
Previous
Durable Orders
May
-0.3%
0.4%
-4.7%
Excluding transportation, Durable Goods Orders rose 0.7% to somewhat offset the overall economically disappointing report.
Next week’s economic highlights include New Home Sales on Monday, Existing Home Sales and Consumer Confidence on Tuesday, GDP and the FOMC policy announcement on Thursday, and Personal Income and Spending and Michigan Sentiment on Friday.
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Gold traded between $580 and $585 in Asia before it started to fall off in London and continued to drop in New York to as low as $571.40, but it then rallied to near unchanged, fell back off a bit, and then rallied again into the close to end with a decent gain on the day.