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Gold traded mostly slightly higher in Asia and London before it added to its gains in late New York trade and ended near its highs of the session to rebound from 7 week lows.  Silver traded mostly slightly lower in Asia and London before adding to its losses in morning New York trade, but it then rebounded in late trade to also end near its highs and close with a gain.

Gold and silver equities traded mostly slightly higher before ending mixed and near unchanged in quiet trade.

More Precious Metals Analysis:

“Gold recovered some of its losses from Friday, despite further gains in the Dollar, but the market stayed within Friday's wide range. Much of the action was reported to be short covering. Weaker oil markets also added pressure to the precious metals, although strong gains in natural gas and recoveries in the oil sector into the close could provide a lift to the metals tomorrow.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index continued to gain on the outlook for future interest rate hikes in the U.S. by the fed.  The U.S. dollar index closed at new 17 month highs, the euro fell to new 23 month closing lows, and the yen rebounded from 26 month lows.

Oil fell back under $60 to find 3 month lows as winter weather in the U.S. continues to be mild and demand expectations remain tame.  U.S. drivers may be pleased to know that that the average price for a gallon of gasoline fell 23.3 cents over the last 2 weeks to $2.4257 and is now back to “pre-Katrina” levels.

Treasuries gained as some traders bet that yields at or near 7 and 16 month highs will soon fall from their recent peaks.  Demand at treasury auctions this week will likely drive action as the government is selling “$18 billion of three-year securities tomorrow, followed by a $13 billion auction of five-year notes the day after, and $13 billion of 10-year debt on Nov. 10.”  Inflation fears that lead to further fed interest rate hikes have been one of the main driving factors behind the move up in yields recently.

The Dow, Nasdaq, and S&P started off higher before soon finding small losses, but all three indices rebounded shortly after to find decent gains as oil fell and then held under $60.

Among the big names making news in the market today were Refco, Paxson, Guidant and J&J, Yahoo and TiVo, Microsoft and AOL, Qualcomm and Nokia, Yahoo and Google, VNU and IMS Health, El Paso, Ryanair, Walt Disney and Living Mobile, Flyi, Roche, and Citigroup.

Gold & Silver Stock News Update from GoldReview.com:

Silver Standard’s extended south ridge zone at Pitarrilla, Glencairn’s suspended mine operations, Eldorado Gold’s exploration work on the AS Project, more news on Barrick’s Placer bid, Rio Narcea’s upcoming conference call, 3^rd quarter results from Nevsun, Aurizon, and Canyon, and MAG Silver’s drill program at the Batopilas Silver District 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.

The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news.  For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster.

All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/.

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-- Posted Monday, 7 November 2005 | Digg This Article