Gold Prices Recover to Reach $1,185/oz – 11/30/2009

by Bullion Prices Staff on November 30, 2009

Gold on Monday climbed following Friday’s retreat as concerns of a debt default in Dubai weakened, as did the US dollar which sent the yellow metal higher. Gold reached $1,185 in New York before settling a few dollars lower. Silver and platinum also posted daily gains. New York precious prices follow:

  • Gold for February delivery rose $6.80, or 0.6%, to $1,182.30 an ounce. It ranged from $1,165.00 to $1,185.00.

  • Silver for March delivery jumped 19 cents, or 1.0%, to $18.525 an ounce. It ranged from $18.135 to $18.545.

  • January platinum gained $13.10, or 0.9%, to $1,460.20 an ounce. It ranged from $1,440.10 to $1,464.60.

In PM London bullion, the benchmark gold price was fixed earlier in the day to $1,175.75 an ounce, which was a gain of $71.75 from Friday. Silver advanced 40 cents to $18.140 an ounce. Platinum settled at $1,442.00 an ounce, for a rise of $18.00.

Notable bullion quotes of the day follow:

"Until we see some action with the dollar, the path of least resistance for gold continues to be higher," Matt Zeman, a metals trader with LaSalle Futures Group Inc. in Chicago, said on Bloomberg.

"The continued weakening of the U.S. dollar" and "”the renewed buying of gold by central banks eager to bring down their exposure to the U.S. dollar" helped drive gold prices higher in November, Nicholas Brooks, head of research and investment strategy at ETF Securities, said on MarketWatch.

"The Dubai-based financial sandstorm that roiled the markets late last week showed some signs of dissipating as the new trading week got underway," wrote Jon Nadler, senior analyst at Kitco Metals, Inc.

New York crude-oil for January delivery climbed $1.23, or 1.6 percent, to close at $77.28 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.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: