Gold Falls Slightly, Silver and Platinum by 0.4% – April 8, 2010

by Bullion Prices Staff on April 8, 2010

U.S. gold fell slightly on Thursday, unable to bypass a stronger dollar as it did during the prior two days. By day’s end, the yellow metal lost a dime. Silver and platinum dropped a bit more, each registering declines of 0.4%.

In New York precious metal prices,
June gold ended down to $1,152.90 an ounce, ranging from from $1,144.40 to $1,154.70. May silver lost 7.2 cents to close at $18.127 an ounce. July platinum moved down $6.10 to $1,717.10 an ounce.

"Precious metals traders decided to take a rest day Thursday as prices closed near steady to slightly lower on some mild profit-taking pressure and some consolidation of the recent price gains," wrote Jim Wyckoff of Kitco News. "A firmer U.S. dollar index did limit buying interest in gold Thursday. June Comex gold closed down $0.10 at $1,152.90 an ounce. Prices did poke to another fresh 2.5-month high Thursday."

In London bullion prices, the afternoon gold fix was $1,148.00 an ounce for a gain of $6.00, or 0.5%. Silver was $17.980 an ounce for a loss of one cent, or 0.1%. Platinum settled to $1,707.00 an ounce, declining $3.00, or 0.2%.

"Gold is holding up very nicely relative to other commodities, such as oil," Richard Ross, a technical analyst with Auerbach Grayson in New York, said on MarketWatch. "There’s a lot of nice momentum here."

Gold normally moves in the opposite direction of the dollar but along with oil. New York crude oil for May delivery fell 0.6% to $85.39 a barrel.

In a coin item of the day, the United States Mint this year will offer a new series of bullion coins in addition to the Silver Eagles that have been issued since 1986. They are called America the Beautiful Silver Coins. Click on the link to learn about this new eleven year series.

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