Bullion Prices Rise, Gold Climbs 1.3% – 11/02/2009

by Bullion Prices Staff on November 2, 2009

Gold jumped the most in a week on Monday as the US dollar retreated, making the yellow metal more attractive to investors. Silver, platinum and oil, which can also directly affect gold prices, each climbed as well. New York bullion prices follow:

  • Gold for December delivery advanced $13.60, or 1.3%, to $1,054.00 an ounce. It ranged from $1,042.20 to $1,063.40.
  • Silver for December delivery rose by 18.5 cents, or 1.1 percent, to $16.440 an ounce. It ranged from $16.275 to $16.735.
  • January platinum climbed $11.80, or 1.9%, to $1,338.10 an ounce.

Notable bullion quotes of the day include:

"We could have a strong end of the year, and [gold] might even break $1,100" by Dec. 31, Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, was quoted on Bloomberg. "The gold rally is founded on three pillars, and the first is dollar weakness."

"The metal recovered from Friday’s indecisiveness and actually showed a bit of a de-couple from the dollar — while still rising in tandem with oil prices — and a return to contrary behavior against stocks as the Nikkei average slumped by 231 points during the nighttime hours,” wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "Today’s action — indeed, the rest of the week’s- will be punctuated by a plethora of US economic statistics and by the FOMC meeting’s results (even if only verbal ones)."

In PM London bullion prices, the benchmark gold price was fixed earlier in the day to $1,062.00 an ounce, which was an increase of $22.00 from Friday’s ending price. Silver advanced a penny to $16.580 an ounce. Platinum was fixed $10.00 higher to $1,330.00 an ounce.

Oil futures in New York rose 13 cents, or 1.5%, to $78.13 a barrel.

Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.

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