Gold Prices Hit Record Above $1,140; Silver at $18.40 – 11/16/2009

by Bullion Prices Staff on November 16, 2009

Precious metals recorded large gains on Monday as the US dollar sank against other world currencies, making commodities more attractive to investors. New York gold futures hit a new yearly high above $1,140 an ounce while silver soared 5.9%. New York precious metal prices follow:

  • Gold for December delivery jumped $22.50, or 2.0%, to $1,139.20 an ounce. It ranged from $1,119.5 to $1143.00 — a new all-time high.

  • Silver for December delivery soared $1.02 to $18.40 an ounce. It ranged from $17.475 to $18.450.

  • January platinum surged $22.90, or 4.0%, to $1,444.60 an ounce.

In PM London bullion, the benchmark gold price was fixed earlier in the day to $1,130.00 an ounce, which was a gain of $26.00 from Friday. Silver advanced 42 cents to $17.740 an ounce. Platinum was settled at $1,424.00 an ounce, for a $65.00 increase.

Notable bullion quotes of the day follow:

"The metal seems set to extend higher as record-low interest rates, inflation concerns, central-bank purchases and falling mine output draws a broad spectrum of investment demand," James Moore, analyst at TheBullionDesk.com, said on MarketWatch.

"People want to own gold now because gold is the ultimate currency," Gijsbert Groenewegen, a partner at Gold Arrow Capital Management in New York, was quoted on Bloomberg. "It’s clear that with such low interest rates, the dollar is being allowed to weaken, and there’s no incentive to hold it."

New York crude-oil for December delivery soared $2.55, or 3.3 percent, to $78.90 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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