Gold, Metals Rise, Platinum Leads – 1/19/2010

by Bullion Prices Staff on January 19, 2010

New York gold futures climbed on Tuesday, but the real winner was platinum. It surged forward 2.7% with the help, according to reports, of investors boosting the platinum group metals EFTs. Gold and silver were lifted as well as a result of the attention.

New York bullion prices follow:

  • Gold for February delivery gained $9.50, or 0.8%, to close at $1,140.00 an ounce. It ranged from $1,127.50to $1,140.70.

  • Silver for March delivery jumped 37.3 cents, or 2.0%, to finish at $18.800 an ounce. It ranged from $18.400 to $18.880.

  • April platinum soared $43.30 to end at $1,639.40 an ounce. It ranged from $1,596.30 to $1,647.70.

In PM London bullion, the benchmark gold price was fixed earlier in the North American day to $1,133.00 an ounce, which was down $1.50 from Thursday. Silver fell 16 cents to $18.500 an ounce. Platinum was settled at $1,621.00 an ounce for a gain of $6.00.

Notable bullion quotes follow:

"If the ETF has any kind of moderate success, it will propel these markets massively higher," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said on Bloomberg.

"The yellow metal [gold] remains confined to the $1125-$1145 value zone for the moment, and breaks to higher ground might-at this point-only materialize if the spillover effects of the PGM-oriented metals ETFs buying spree continues to keep things buoyant," wrote Jon Nadler, senior analyst at Kitco Metals, Inc.

"Choppiness will not be lacking as the abbreviated week rolls on, and players are now eyeing the release of wholesale inflation numbers tomorrow."

Oil ended a five day losing streak, and rose the most in two weeks. New York crude-oil for February delivery rose $1.02, or 1.3 percent, to $79.02 a barrel. Gold typically follow oils (and moves opposite of the U.S. dollar as mentioned). The yellow metal certainly was not following crude on Wednesday.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: