Gold Rises Slightly, Silver and Platinum Prices Advance – 1/14/2010

by Bullion Prices Staff on January 14, 2010

New York metal future prices rose in unison Thursday as gold gained 0.5%, silver climbed 0.6% and platinum advanced 1.9%. Gold’s gain was again attributed to a sliding dollar. According to reports, the greenback was pressured on news of declining December US retail sales (down 0.3%) and higher than expected jobless claims (440,000 last week). New York bullion prices follow:

  • Gold for February delivery gained $6.20 to close at $1,143.00 an ounce. It ranged from $1,130.70 to $1,145.60.

  • Silver for March delivery advanced 10.5 cents to finish at $18.655 an ounce. It ranged from $18.455 to $18.740.

  • April platinum jumped $30.40 to end at $1,604.80 an ounce. It ranged from $1,576.10 to $1,615.00.

In PM London bullion prices, the benchmark gold price was fixed earlier in the North American day to $1,138.25 an ounce, which was an increase of $11.00 from Wednesday. Silver climbed 23 cents to $18.580 an ounce. Platinum was settled at $1,600.00 an ounce for a gain of $23.00.

Notable bullion quotes follow:

"The dollar is still under some pressure," Walter de Wet, an analyst at Standard Bank Ltd. in London, said on Bloomberg. "That is supporting precious metals. We’ve seen fairly good physical demand when prices drop."

"Nervousness continues in the gold (as well as some other commodity) pits, precipitated by the thwarted Sunday night/Monday rally and the posturing by China on bubble combat tactics," wrote Jon Nadler, senior analyst at Kitco Metals, Inc.

"Interest rate talk from the Fed, the ECB, China’s central bank, and others, continues to be the topic du jour as the speculative trade is extremely apprehensive that the easy money candy might be about to run out. For the moment, climbing above $1142 and overcoming $1150 with success are the tasks at hand for the yellow metal."

New York crude-oil for February delivery fell 26 cents, or 0.3 percent, to $79.39 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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