Gold Rises while Silver Slides Slightly – Feb 17, 2010

by Bullion Prices Staff on February 17, 2010

New York gold futures moved modestly higher on Wednesday, giving away a portion of earlier day gains as the greenback strengthened and pressured commodities. Silver and platinum edged slightly lower. In New York precious metal prices:

  • Gold for April delivery rose 30 cents to $1,120.10 an ounce. The yellow metal ranged from $1,112.90 to $1,128.70.

  • Silver for March delivery lost 5 cents, or 0.3 percent, to close at $16.098 an ounce. It ranged from $15.885 to $16.330.

  • April platinum declined 60 cents to end at $1,537.10 an ounce. It ranged from $1,526.00 to $1,555.70.

In PM London bullion prices, the benchmark gold price was fixed earlier in the North American day to $1,119.00 an ounce, which was an increase of $3.75 from Tuesday. Silver jumped 39 cents to $16.210 an ounce. Platinum was settled at $1,542.00 an ounce, gaining $8.00.

"Gold is clearly benefiting from longer-term concerns about the euro," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said on Bloomberg. "You’re seeing movement out of the euro and into gold. This could allow gold and the dollar to trend together."

"The steadiness in gold reflected the combination of US dollar consolidation patterns and the intense investor focus on the euro," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "Players will be gearing up for key US inflation data due over the next couple of days as well as keeping an eye on any statements coming from Europe on the issues that continue to unnerve many."

New York crude-oil for March delivery climbed 32 cents, or 0.4 percent, to finish at $77.33 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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