Gold, Silver and Platinum Prices Rise Slightly in Holiday Trading – 12/28/2009

by Bullion Prices Staff on December 28, 2009

New York bullion prices rose slightly in thin Monday trading. London, Canada and Australia markets were closed for the observed Boxing Day holiday. A weaker US dollar was again cited as a precipitating factor in sparking gold’s 0.3% gain. The yellow metal has closed higher for three consecutive sessions. Silver and platinum climbed as well, marking respective gains of 0.7% and 0.8%.

New York precious metal figures follow:

  • Gold for February delivery climbed $3.10 to $1,107.90 an ounce. It ranged from $1,102.10 to $1,114.50.

  • Silver for March delivery advanced 12 cents to close at $17.560 an ounce. It ranged from $17.455 to $17.690.

  • January platinum rose $12.40 to end at $1,480.30 an ounce. It ranged from $1,468.80 to $1,492.20.

Bullion comments for the day follow:

"For the moment, [gold] support is thought to be available just beneath the $1100 mark (a break to under $1090 could usher in a re-visit of the $1070-1075 levels) while overhead resistance is seen capping the metal around the $1140 level," wrote Jon Nadler, senior analyst at Kitco Metals, Inc.

"Gold’s moves will all be dollar-based now," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said on Bloomberg. "Some pressure has come off the euro, and that’s allowed gold to come back."

"Technically, gold bounced nicely off of $1,070 support," Brian Kelly, chief executive of Kanundrum Research, a commodities and macroeconomic research firm, said on MarketWatch. "I would expect that the metal consolidates those gains as year-end approaches."

New York crude-oil for February delivery rose 72 cents, or 0.9 percent, to $78.77 a barrel. It was the fourth straight day of gains. 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.

In other silver news, the United States Mint has released its preliminary product schedule for next year. For more information, to include a brief overview of upcoming silver products, read US Mint 2010 Silver Coins Schedule.

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