Gold Rebounds to $885 as Fed "TALF" Injection Fails, Stocks Fall

Source:

"The gold price in Euros rose to about 665, unwinding all of Monday's sharp losses."

Gold prices rose in Asia on Tuesday and traded roughly 1% higher in London before falling back to see a gain of just $1.25 at $872.70 shortly after the open in New York.

But the gold price then climbed back higher for most of the rest of trade and ended near its new session high of $884.80 with a gain of 1.2%.

The gold price in Euros rose to about 665, unwinding all of Monday's sharp losses.

Silver also traded nicely higher in Asia and London before it fell to see a loss of $0.102 at as low as $12.03 near the open in New York, but it too rose for most of the rest of trade and ended near its high of $12.35 with a gain of 0.9%.

Platinum gained $18.50 to $1161, while copper gained over 3 cents to about $1.99 as a drop in inventories supported the market and brought it back to within one cent of last Friday's five-month high.

Gold mining and silver equities rose about 3% at the open before they fell back off as the day wore on, but the miners still ended with slight gains on the day.

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