Gold Rises for Day Eight, Silver Declines – 11/24/2009

by Bullion Prices Staff on November 24, 2009

US gold prices were lifted by investors on Tuesday despite a slightly higher dollar. The gain was small at 0.1%, but marked the eight day of increases. Silver and platinum declined. New York precious metal prices follow:

  • Gold for December delivery rose $1.10 to $1,165.80 an ounce. It ranged from $1,157.70 to $1,171.70.

  • Silver for December delivery fell 15.5 cents, or 0.8%, to $18.455 an ounce. It ranged from $18.330 to $18.680.

  • January platinum declined $23.80, or 1.6%, to $1,443.80 an ounce. It ranged from $1,440.80 to $1,467.70.

In PM London bullion, the benchmark gold price was fixed earlier in the day to $1,163.25 an ounce, which was a decline of $6.25 from Wednesday. Silver fell 19 cents to $18.570 an ounce. Platinum was settled at $1,458.00 an ounce, for a decline of $6.00.

Notable bullion quotes of the day follow:

"When the Fed repeatedly says that the rates will remain low, that means the dollar will weaken and gold will rise," Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois, and a gold trader for more than three decades, said on Bloomberg. Still, "it’s very possible that it will decline, short term."

"Definitely prices could still go higher — $1,200 is within reach, and there is no reason why it should not be reached this calendar year," Peter Fertig, a consultant at Quantitative Commodity Research, said on Reuters.

"Thinning ranks of traders, ahead of the long US holiday weekend started to take some of the vigor out of the size of the moves today, as opposed to what had been witnessed in recent days, but the trend remained essentially intact," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "

New York crude-oil for January delivery tumbled $1.54, or 1.9 percent, to $76.02 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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