Gold and Silver End Slightly Higher Before Tomorrow’s Fed Announcement
The Metals:
Gold fell nearly 1% to as low as $913.30 in Asia before it rose in London and saw slight gains in early New York trade ahead of a midmorning sell-off that brought it back to trade slightly lower around 11AM EST, but it then rallied back higher into the close and ended near its late session high of $926.25 with a gain of 0.34%. Silver followed a similar pattern and ended near its high of $13.882 with a gain of 0.73%.
Euro gold closed at about €656, platinum lost $4 to $1156.50, and copper gained over 6 cents to about $3.19.
Gold and silver equities rose over 2% at the open before they fell to see slight losses by midmorning, but they then rallied back higher for the rest of the day and ended with over 4% gains.
Tomorrow at 8:30AM EST brings Durable Good Orders for May expected at -0.9%. Excluding transportation, orders are expected at -0.5%. At 10AM is the New Home Sales report for May expected at 360,000, and at 2:15 is the FOMC rate announcement.
Oil rose about 2% after some supply disruptions in Nigeria renewed worries over militant attacks in the area.
The U.S. dollar index plummeted back under 80 and treasuries rose after today’s auction of $40 billion of two year notes drew strong demand and made it less likely the fed will raise interest rates anytime soon.
The Dow, Nasdaq, and S&P remained mixed and near unchanged ahead of tomorrow’s fed announcement.
Among the big names making news in the market today were Kroger, Office Depot, Boeing, Rambus, Boston Scientific, and MySpace.
