Gold Edges Slightly Higher, Silver Slides – 11/17/2009

by Bullion Prices Staff on November 17, 2009

Precious metals were mixed Tuesday with silver declining slightly while gold and platinum climbed. The yellow metal recovered from earlier losses in spite of the dollar which showed improved strength on the day. New York bullion prices follow:

  • Silver for December delivery fell 1.3 cents, or 0.1 percent, to $18.387 an ounce. It ranged from $18.085 to $18.435.

  • Gold for December delivery rose 20 cents to $1,139.40 an ounce. The yellow metal ranged from $1,127.80 to $1,142.00.

  • January platinum gained $17.90, or 1.2 percent, to $1,462.50 an ounce. It ranged from $1,433.50 to $1,464.60.

In PM London bullion, the benchmark gold price was fixed earlier in the day to $1,134.75 an ounce, which was a gain of $4.75 from Monday. Silver climbed 36 cents to $18.100 an ounce. Platinum was settled at $1,438.00 an ounce, for a $14.00 increase.

Notable bullion quotes of the day follow:

"The fact that gold rose today, even with the stronger dollar, is a positive sign," Donald Selkin, the chief market strategist at National Securities Corp. in New York, said on Bloomberg. "It just goes to show that gold has got a little bit of a life of its own, and people want to hold it."

"Gold at $1,200 an ounce before year end remains a possibility but talk of a gold ‘rush’ and gold ‘frenzy’ is exaggerated," analysts at GoldCore said in a note that was cited on MarketWatch.

"I still think people are trying to position for the inflation monster that will eventually come down the road," Bruce Dunn, vice president of trading at New Jersey-based Auramet, was quoted on Reuters.

"Following Monday’s massive, manic metals melt-up, the complex simmered down just a bit during the overnight hours, as the US dollar once again managed to come back from the darkness," wrote Jon Nadler, senior analyst at Kitco Metals, Inc."

New York crude-oil for December delivery rose 24 cents, or 0.3 percent, to $79.14 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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