Gold Rises, Silver and Platinum Fall – 10/20/2009

by Bullion Prices Staff on October 20, 2009

New York gold futures climbed Tuesday, although the yellow metal lost a portion of earlier gains following a lifted US dollar which also pulled down oil prices for the first time in nine days. Silver, platinum and US stocks edged slightly lower. New York precious metals figures follow:

  • Silver for December delivery fell 6.7 cents, or 0.4 percent, to $17.558 an ounce. It ranged from $17.420 to $17.955.
  • Gold for December delivery rose 50 cents to $1,058.60 an ounce. The yellow metal ranged from $1,052.60 to $1,069.
  • January platinum declined $7.90, or 0.6 percent, to $1,356.30 an ounce.

The most notable bullion quotes of the day follow:

“The dollar is sick, and the only medicine to fix the dollar would be higher interest rates, and that’s not going to happen soon,” Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois, was quoted on Bloomberg. “So the markets are going to take the dollar lower and gold higher.”

“Most of Monday’s gains were initially fueled by the US dollar’s approach of 4-month lows against the European common currency, whereas today’s early gains were largely in sympathy with a near-$80 per barrel crude oil price and light follow-through buying in the metals market,” wrote Jon Nadler, senior analyst at Kitco Metals, Inc. [Click to read Nadler’s full commentary.]

In London bullion, the benchmark gold price was fixed earlier in the day to $1,061.75 an ounce, which was an increase of $11.25. Silver was at $17.755 an ounce for a 23 cent gain. Platinum was fixed $19.00 higher to $1,371.00 an ounce.

Visit sister site CoinNews here for more on this article, to include oil, stocks and precious metal commentary.

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