Gold Rises 1.3%, Most in Week; Silver Prices Advance – Feb 8, 2010

by Bullion Prices Staff on February 8, 2010

US gold returned to positive area on Monday as the dollar gave way to pressure and fell against other world currencies. Gold gained the most in a week, rising 1.3% in New York. Other metals climbed as well, with silver up 1.7% and platinum improving 0.4%. New York daily bullion prices follow:

  • Gold for April delivery rose $13.40 to $1,066.20 an ounce. The yellow metal ranged from $1,061.80 to $1,074.30. Gold prices fell 2.9% last week.

  • Silver for March delivery climbed 25.5 cents to $15.085 an ounce. It ranged from $14.950 to $15.320. Silver tumbled 6.9% during the prior week.

  • April platinum gained $5.90, closing to $1,481.00 an ounce. It ranged from $1,470.00 to $1,492.00. The metal declined 2.1% last week.

In PM London bullion, the benchmark gold price was fixed earlier in the North American day to $1,064.00 an ounce, which was a $6.00 increase from Friday. Silver fell 3 cents to $15.140 an ounce. Platinum was settled at $1,477 an ounce for a gain of $2.00.

"We’re seeing a normal consolidation after last week’s big sell-off but it lacked any kind of fire," Bill O’Neil, managing partner at commodities brokerage Logic Investment Services, said on MarketWatch.

"While gold’s longer-term investment credentials remain sound, the metal is temporarily caught up in the slipstream of uncertainty currently being generated," Gavin Wendt, a senior resource analyst with Mine Life Pty Ltd. in Sydney, said on Bloomberg.

"Dollar-watching remains the preferred activity among participants, and increasingly, the tenor of the trade is acquiring a measure of acceptance as opposed to the incredulity that was almost omnipresent when the greenback’s most recent surge began in December," wrote Jon Nadler, senior analyst at Kitco Metals, Inc.

New York crude-oil for March delivery rose 70 cents, or 1.7%, to close at $71.89 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.

For always updated prices, check out the home page Bullion Prices Today.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: