Gold, Silver Make Small Gains – 11/05/2009

by Bullion Prices Staff on November 5, 2009

Gold and silver futures rose slightly Thursday. The yellow metal has climbed for four straight days but was held in check by falling oil prices and the US dollar — although not altogether strong, it did push higher against some world currencies. Gold tends to follow oil and move opposite to the greenback, with the latter more responsible for direction setting in recent months. Platinum fell 0.5% on the day. New York bullion prices follow:

  • Gold for December delivery advanced $2, or 0.2%, to $1,089.30 an ounce. It ranged from $1,084.30 to $1,095.20.

  • Silver for December delivery gained a half penny to $17.410 an ounce. It ranged from $17.220 to $17.530.

  • January platinum fell $6.40 to $1,362.90 an ounce.

Notable bullion quotes of the day follow:

"The U.S. can’t afford to raise rates," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, was quoted on Bloomberg.com. "That will weaken the dollar, and gold absolutely benefits from this scenario."

"It is very clear that central banks are behaving in a way that would suggest that gold is now again being considered a currency within the global monetary system," David Rosenberg, chief economist and strategist at Gluskin Sheff in Toronto, was cited on MarketWatch.com.

"Early on Thursday, gold prices fell for the first time in four, as a very small dollar recovery dented oil prices and elicited light profit-taking among metals specs," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "The $1100 mark is still in play and the bubble(s) remain aloft."

In PM London bullion, the benchmark gold price was fixed earlier in the day to $1,089.00 an ounce, which was a $1 decline from Wednesday’s PM price. Silver dropped by 10 cents to $17.38 an ounce. Platinum remained unchanged at $1,325.00 an ounce.

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