Gold Ends Higher, Silver Advances – 11/19/2009

by Bullion Prices Staff on November 19, 2009

New York gold futures squeaked out a small gain Thursday despite a US dollar that showed better strength. In the end, the yellow metal rose 70 cents, silver added 4 cents and platinum declined $8.10. New York precious metal prices follow:

  • Gold for December delivery ended at $1,141.90 an ounce. It ranged from $1,130.00 to $1,146.50.

  • Silver for December delivery rose 0.2 percent to $18.455 an ounce. It ranged from $18.150 to $18.64.

  • January platinum closed to $1,443.90 an ounce. It ranged from $1,423.60 to $1,455.90.

In PM London bullion, the benchmark gold price was fixed earlier in the day to $1,135.50 an ounce, which was a decline of $13.50 from Wednesday. Silver fell 54 cents to $18.200 an ounce. Platinum was settled at $1,435.00 an ounce, for a $14.00 decrease.

Notable bullion quotes of the day follow:

"We will wait to see if this is the start of a larger dollar correction or just another dip buying opportunity," James Moore, an analyst at TheBullionDesk.com, was quoted on MarketWatch. "Given the scale of gains added recently [in gold], a correction would be beneficial."

"Any pullback in prices and we’ll see demand come right back," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said on Bloomberg. "It’s an asset reallocation into gold. The central banks don’t trust each other’s currencies."

"Support in gold is thought to be found down around the $1060 area, should a more substantial profit-taking wave get underway any time soon," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "Although conditions still indicate that the longs will try to squeeze every last ounce (no pun) of life out of this spike (and we think they will try a couple of times more, for sure), there are some potentially drenching clouds building above this market. More on that, below."

New York crude-oil for December delivery tumbled $2.12, or 2.7 percent, to $77.46 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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