Precious Metals Climb – 10/21/2009

by Bullion Prices Staff on October 21, 2009

Gold ended higher Wednesday and for the fourth straight day as a decline in the US dollar propped precious metals higher — silver and platinum advanced as well. In other markets, crude oil surged above $81 a barrel to a one-year high while US stocks retreated from their own earlier one-year highs. New York precious metals figures follow:

  • Silver for December delivery rose 26.7 cents, or 1.5 percent, to $17.825 an ounce. It ranged from $17.300 to $17.835.
  • Gold for December delivery climbed $5.90, or 0.6 percent, to $1,064.50 an ounce. The yellow metal ranged from $1,048.10 to $1,065.70.
  • January platinum advanced $18.10, or 1.3 percent, to $1,374.40 an ounce.

The most notable bullion quotes of the day follow:

“Gold’s move is all dollar-driven,” Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, was quoted on Bloomberg. “You’re going to see continued erosion in the dollar. I’m very bullish on gold.”

“Until such time, and barring unexpected news of a different nature, players expect the greenback to remain steady-to-lower, while further light selling could still be manifest in gold,” wrote Jon Nadler, senior analyst at Kitco Metals, Inc.

“It, however, still all comes down to the dollar and its ability (or lack thereof) to stop skidding. Gold longs will continue to try to hang on to the $1050-$1055 zone and help the metal avoid a sub-$1048 close. The developing range has seen bullion oscillate between $1040 and $1070 for several sessions now.” [Click to read Nadler’s full commentary.]

In London bullion, the benchmark gold price was fixed earlier in the day to $1,053.75 an ounce, which was a decline of $8.00. Silver was at $17.390 an ounce for a 36 cent loss. Platinum was fixed $25.00 lower to $1,346.00 an ounce.

Visit sister site CoinNews here for more on this article, to include oil, stocks and precious metal commentary.

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