Gold Falls 1.1% in January, Ends Week Down 0.5% – 1/29/2010

by Bullion Prices Staff on January 29, 2010

New York gold futures on Friday fell for a third straight day, ending 0.5% lower for the week and closing down for the second consecutive month. Gold’s fall has mostly been sparked by a rise in the US dollar. The yellow metal retreated 1.1% in January while the greenback rose 2% against other world currencies. In other metals, silver declined but platinum gained. New York precious metal prices follow:

  • Gold for April delivery slid $1.00, or or 0.1%, to $1,083.80 an ounce. It ranged from $1,075.0 to 1,091.4.

  • Silver for March delivery ended down 2.2 cents, or 0.1%, to $16.190 an ounce. It ranged from $16.020 to $16.375.

  • Platinum for April delivery advanced $12.10, or 0.8%, to finish at $1,506.00 an ounce. It ranged from $1,495.00 to $1,524.50.

In London bullion prices, the benchmark gold PM price was fixed to $1,078.50 an ounce, which was a decline of $9.50 from Thursday. Silver fell 33 cents to $16.290 an ounce. Platinum was settled at $1,512.00 an ounce for a loss of $5.00.

"Further gains in the dollar would keep gold on the defensive, Toby Hassall, an analyst with CWA Global Markets Pty in Sydney, said on Bloomberg. "Prices are finding support at the level of December’s lows."

New York crude-oil for March delivery fell 75 cents, or 1%, to close at $72.89 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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