Gold Continues to Retreat as US Dollar Rises – 2/5/2010

by Bullion Prices Staff on February 5, 2010

New York gold futures finished lower for yet another day on Friday, primed by a US dollar that surged to an eighth-month high against the euro. Debt in European countries — Greece, Spain and Portugal, again weighed heavily on the currency. New York daily bullion prices follow:

  • Gold for April delivery fell $10.20, or 1.0%, to $1,052.80 an ounce. The yellow metal ranged from $1,044.50 (the lowest point since Oct. 30) to $1,069.40.

  • Silver for March delivery ended down another 52 cents following Thursday’s 96.7 cent loss. It retreated 3.4% on the day to close to $14.830 an ounce. Silver ranged
    from $14.650 to $15.380.

  • April platinum lost $40.20, or 2.7%, closing to $1,475.10 an ounce. It ranged from $1,454.10 to $1,514.10.

In PM London bullion, the benchmark gold price was fixed earlier in the North American day to $1,058.00 an ounce, which was a decline of $25.25 from Thursday. Silver fell 96 cents to $15.170 an ounce. Platinum was settled at $1,475 an ounce for a loss of $74.00.

"This may be another upcoming buying opportunity as we look at open interest and delivery notices later after the drastic selling," said George Gero, metals analyst at RBC Wealth Management, in emailed comments cited on MarketWatch.

New York crude-oil for March delivery closed down $1.95, or 2.7%, to close at $71.19 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 prices, check out the home page Bullion Prices Today.

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