Gold Slightly Higher, Silver Falls – 11/10/2009

by Bullion Prices Staff on November 10, 2009

New York gold futures rose on Tuesday, but a portion of the day’s earlier gains were lost as the US dollar strengthed, making the yellow metal slightly less attractive to investors. Gold prices have increased for seven consecutive days. Platinum and silver were less fortunate, with both declining more than 1% on the day.

New York precious metal figures follow:

  • Gold for December delivery rose $1.10, or 0.1%, to $1,102.50 an ounce. It ranged from $1,097.20 to $1,109.70.

  • Silver for December delivery fell 25.8 cents, or 1.5%, to $17.222 an ounce. It ranged from $17.160 to $17.650.

  • January platinum declined $16.00, or 1.2%, to $1,351.20 an ounce.

In PM London bullion, the benchmark gold price was fixed earlier in the day to $1,101.50 an ounce, which was a $5.25 decline from the Monday PM price. Silver plunged 42 cents to $17.26 an ounce. Platinum was set down $1.00 to $1,354.00 an ounce.

Bullion quotes of the day follow:

"Given all the noises hedge funds have been making, plus all the noise surrounding further potential central bank buying, it is difficult to see much of a downside," Societe Generale analyst David Wilson, was quoted on Reuters.

"Gold is clearly overbought, gold is clearly over- participated in by the investing/speculating public, and gold needs a good sound thrashing to take the late-comers out of the positions and in the process restore relative health," economist Dennis Gartman said in his Suffolk, Virginia-based Gartman Letter, that was cited on Bloomberg.com.

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.

New York crude-oil for December delivery retreated 38 cents, or 0.5 percent to $79.05 a barrel. They ranged from $78.15 to $80.51.

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