Gold, Silver and Platinum Fall – March 30, 2010

by Bullion Prices Staff on March 30, 2010

New York gold broke away from a 3-day winning streak, pressured by a stronger dollar. Gold typically moves opposite of the greenback. Other metals followed in losses, with silver and platinum both declining 0.3%.

In New York precious metal prices, June gold fell $5.80, or 0.5%, to $1,105.70 an ounce. It ranged from $1,102.40 to $1,114.20. May silver declined 5.7 cents to $17.330 an ounce. July platinum lost $5.40 to $1,626.10 an ounce.

Gold prices "closed nearer the session low and were pressured by a firming U.S. dollar index and weakening Euro currency as the trading session progressed," wrote Jim Wyckoff of Kitco News. "Renewed worries about European Union debt pressured the Euro Tuesday, which in turn put downside pressure on the precious metals."

In London bullion prices, the afternoon gold fix was $1,107.00 an ounce for a 50 cent loss. Silver was $17.410 an ounce, rising 26 cents. Platinum settled at $1,622.00 an ounce, gaining $11.00.

"We don’t think there’s much momentum right now for gold going higher," Walter de Wet, an analyst with Standard Chartered bank in London, said on MarketWatch. "The dollar strength is dampening investor demand" with investors booking profits when prices approach the $1,011-$1,015 level, helping to keep gold rangebound, he added.

Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. (New York crude oil for May delivery, however, rose 24 cents, or 0.2%, to $82.37 a barrel.) A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.

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