Gold Hits Record at $1,174/oz, Silver Advances – 11/23/2009

by Bullion Prices Staff on November 23, 2009

New York gold futures jumped to a record on Monday after the US dollar sagged against other world currencies. The yellow metal has finished higher for seven straight trading days. In other metals, silver hit a more than one-year high while platinum advanced 1.8%. New York precious metal prices follow:

  • Gold for December delivery jumped $17.90, or 1.6%, to $1,164.70 an ounce, ranging from $1,151.60 to $1,174.00 — the latest all-time high.

  • Silver for December delivery rose 17 cents, or 0.9%, to $18.610 an ounce. It ranged from $18.525 to $18.935, which was the highest level since
    July 2008.

  • January platinum gained $25.70 to $1,467.60 an ounce. It ranged from $1445.60 to $1480.00.

In PM London bullion, the benchmark gold price was fixed earlier in the day to $1,169.50 an ounce, which was an increase of $29.50 from Friday. Silver soared 58 cents to $18.760 an ounce. Platinum prices were fixed $29.00 higher to $1,464.00 an ounce.

Notable bullion quotes of the day follow:

"All this buying shows no confidence in the dollar," Bernard Sin, the head of currency and metals trading at bullion refiner MKS Finance SA in Geneva, said on Bloomberg.

"Gold has a lot of momentum. It is trading off the back of the dollar, and at the moment it seems to be outperforming that trade, as are a lot of other commodities," Daniel Major, an analyst at RBS Global Banking & Markets, said on MarketWatch.

New York crude-oil for January climbed higher for the first time in three trading days, rising 11 cents, or 0.1%, to $77.56 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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