Gold and Silver Inch Higher – April 15, 2010

by Bullion Prices Staff on April 15, 2010

U.S. precious metals were mixed on Thursday, with a stronger dollar pressuring commodities lower. Despite that, gold climbed modestly as did silver, each rising 0.1%. Platinum and palladium, however, fell with respective losses of 0.5% and 0.4%.

"Comex gold futures closed slightly higher and near the session high Thursday, after prices were under profit-taking selling pressure early on," said Jim Wyckoff of Kitco News. "Once again, bargain-hunting buying surfaced on price weakness to bring gold prices up from the session low."

In New York metals weekly prices, June gold rose 70 cents to $1,160.30 an ounce, as it ranged fom $1,150.70 to $1,162.30. May silver edged up 1.8 cents to $18.433 an ounce. July platinum declined $7.90 to $1,726.30 an ounce. June palladium lost $2.10 to $545.90 an ounce.

"It’s very difficult to make a call on gold today, but some speculators are hedging themselves from currency risk," Andrey Kryuchenkov, an analyst at VTB Capital in London, said on MarketWatch.

In London bullion weekly prices, the gold fix was $1,154.50 an ounce for a pick up of 75 cents, or 0.1%. Silver came in at $18.270 an ounce for a loss of 12 cents, or 0.7%. Platinum settled at $1,718.00 an ounce, declining $10.00 or 0.6%. Palladium retreated 0.6% as well, losing $3.00 to end at $542.00 an ounce.

"Gold can continue to gain because people are still worried about the euro," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, was cited on Bloomberg. "We have a disconnect between gold and the dollar, and that will continue as long as Greece and the euro zone are still in the news.

Gold usually moves in the opposite direction of the dollar and follows oil. New York crude oil for June delivery rose 2 cents to $86.75 a barrel.

In a coin item of the day, the U.S. Mint this year will issues a new series of coins named America the Beautiful Silver Bullion Coins. Click on the link to visit a sister site and learn about the new bullion series.

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