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Drop of US Stocks Helps Gold & Silver Gain

June 3, 2014 at 23:57 by Vladimir Vyun

Gold rallied today as US stocks declined. Silver gained too. The Standard & Poor’s 500 Index of shares dropped 0.3 percent yesterday. It was the first drop in four sessions.

It was not uncommon lately for precious metals to fall while equities rally, giving incentive for investors to leave the metal market and put their money into the stock market. Gold lost 28 percent of its value last year as equities rallied to new all-time highs. By the same token, metals rebounded after stocks dropped.

August futures for gold were up $1.00 (0.08 percent) to $1,245.50 per troy ounce as of 23:50 GMT on COMEX today. July futures for delivery of silver advanced $0.03 (0.17 percent) to $18.80 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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