Gold and Silver Fall as Dollar Gains, Platinum Rises – Feb 10, 2010

New York gold declined 90 cents on Wednesday after rising during the previous two days. The yellow metal was pressured by a stronger US dollar, which dipped after the Fed said it may increase interest rates. A delay in European support for Greece debt was also cited in weakening the euro and benefiting the greenback. New York precious metal prices follow:

• April gold fell 0.1% to $1,076.30 an ounce. It ranged from $1,063.10 to $1,083.00.

• March silver ended down 13.5 cents, or 0.9%, to $15.300 an ounce. It ranged from $15.075 to $15.645.

• April platinum rose $10.50, or 0.7%, to $1,512.90 an ounce. It ranged from $1,493.20 to $1,528.20.

In PM London bullion prices, the benchmark gold price was fixed to $1,069.50 an ounce, marking a $1.75 decline from Tuesday. Silver gained 40 cents to $15.600 an ounce. Platinum was settled at $1,511.00 an ounce, rising $15.00.

Notable bullion quotes follow:

"The correlation between the dollar and gold remains firmly in positive territory," said Suki Cooper, a Barclays Capital analyst in London, in a note cited on Bloomberg. "Currency movements are likely to lead gold’s price trajectory in forthcoming sessions."

The "technical situation remains bearish [for gold] after its recent breakdown below previous support $1,075 an ounce,” analysts at GoldCore wrote in a note cited on MarketWatch. "However, there would appear to be strong support at the $1,000 to $1,030-ounce price level, which was the previous strong resistance."

New York crude-oil for March delivery rose 77 cents, or 1 percent, to end at $74.52 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.

For always updated precious metal prices, check out the home page Bullion Prices Today.