Bullion Prices Jump – 10/29/2009

by Bullion Prices Staff on October 29, 2009

Gold and other precious metals spiked Thursday after a report by the Commerce Department said the economy expanded at a 3.5 percent annualized pace in the third quarter. Gold’s rise broke a losing streak that had extended to five days. New York bullion figures follow:

  • Silver for December delivery jumped 41.5 cents, or 2.6 percent, to $16.655 an ounce. It ranged from $16.12 to $16.71.
  • Gold for December delivery advanced $16.60, or 1.6 percent, to $1,047.10 an ounce. The yellow metal ranged from $1,048.40 to $1,026.90.
  • January platinum surged $31.30, or 2.4 percent, to $1,338.20 an ounce.

The most notable bullion quotes of the day follow:

“Gold is in play,” Frank Lesh, a trader at FuturePath Trading LLC in Chicago, was quoted on Bloomberg. “The dollar is off because risk is back in favor. Risk appetite is equated with inflation, and you buy gold to fight inflation.”

“It’s the better economic figures, better oil and better moving averages in gold,” that are supporting prices Thursday, George Gero, vice president of global futures at RBC Capital Markets, was quoted on MarketWatch.

“The US dollar fell along with the yen overnight, as speculation ahead of the release of US GDP data pushed stock index futures higher and reignited a modicum of risk appetite,” wrote Jon Nadler, senior analyst at Kitco Metals, Inc. “Yesterday’s sell-off capped the longest slide in gold since March – the dollar was cited a the prime mover, yet again.” [Read Nadler’s full commentary.]

In PM London bullion, the benchmark gold price was fixed earlier in the day to $1,040.50 an ounce, which was a gain of $8.75 from Wednesday’s PM price. Silver remained unchanged at $16.330 an ounce. Platinum was fixed $15.00 higher to $1,328.00 an ounce.

Visit sister site CoinNews here for more on this article, to include oil, stocks and precious metal commentary.

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