Gold Has Biggest 1-Day Fall In A Year
Gold continued its pullback, falling sharply for the third consecutive day.
Today’s decline was the largest fall in over a year and followed the Tokyo
Commodity Exchange increasing trading costs.
In today’s economic news, the Mortgage Bankers
Association reported that Mortgage Loan Applications fell (report).
The Department of Commerce reported the Trade Deficit widened to a record high (report).
The Department of Labor’s report on Import/Export Prices showed a much larger
decline in Import Prices than forecast (report).
The news sent treasuries higher and the US Dollar lower. The Dollar had its
biggest fall in over 5-months versus the Yen, hit hard by the widening trade
deficit number.
The Department of Energy’s EIA reported
Crude Oil and Gasoline inventories rose (report).
The report pushed Crude Oil prices slightly lower but Heating Oil moved higher
with more cold weather forecast this week.
Go to our
Economic
News section for more headlines and analysis, including comments by John
Snow made earlier today.
Economic News
Mortgage Bankers Association’s Weekly Market Index Down 5.7%; Purchase Index
Drops 3.5%, Refinancing Index Falls 9.7%
Trade Deficit Widens To $68.9 Bln.
Import Prices Down 1.7% In November, Export Prices Down 0.9%
EIA: Oil Inventories Up 900,000 Barrels; Gasoline Inventories Up 1.8 Mln.
Barrels
Ashton Dorkins
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