Gold Tops $1,100, Silver Advances – 11/09/2009

by Bullion Prices Staff on November 9, 2009

On the back of the US dollar which fell to a 15-month low on Monday, gold recorded a new all-time high above $1,111 an ounce. The gain marks the sixth straight for the yellow metal. Commodities moved higher as a group for the day. Silver and platinum both advanced. Crude oil surged 2.6% to $79.43 a barrel.

New York precious metal figures follow:

  • Gold for December delivery climbed $5.70, or 0.5%, to $1,101.40 an ounce. It ranged from $1,096 to $1,111.70 — an all-time high.

  • Silver for December delivery ended up 10.5 cents, or 0.6%, to $17.480 an ounce. It ranged from $17.425 to $17.780.

  • January platinum jumped $19.00, or 1.4%, to $1,367.20 an ounce.

Notable bullion quotes of the day follow:

"It looks like gold will carve out new highs until further notice," Michael Guido, director of hedge-fund sales at Macquarie Capital USA Inc. in New York, was quoted on "The Fed made it quite clear that rates are going nowhere. The dollar is sinking. The bullish holders of gold are adding positions when the market makes a new high."

“Gold fundamentals are still bullish,” with the Federal Reserve “giving no indication of raising interest rates, keeping pressure on the dollar," Darin Newsom, a senior analyst at Telvent DTN, was quoted on

In PM London bullion, the benchmark gold price was fixed earlier in the day to $1,106.75 an ounce, which was a $10 increase from Friday’s PM price. Silver added 16 cents to $17.68 an ounce. Platinum was set $8.00 higher to $1,355.00 an ounce.

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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