US Gold, Metal Future Prices Climb Slightly – 12/18/2009

by Bullion Prices Staff on December 18, 2009

New York gold futures marked a slight gain on Friday as the US dollar’s rally from the prior day faulted, although strength in the greenback began to return and limited the yellow metal’s rise. By day’s end, gold gained 0.4%, silver added 0.7% and platinum advanced 0.2%. New York precious metal figures follow:

  • Gold for February delivery finished up $4.10 to $1,111.50 an ounce. The yellow metal ranged from $1,097.40 to $1,118.10.

  • Silver for March delivery rose 12.5 cents to close at $17.320 an ounce. It ranged from $17.105 to $17.390.

  • January platinum climbed $3.40 to end at $1,429.30 an ounce. It ranged from $1,420.70 to $1,444.50.

In PM London bullion prices, the benchmark gold price was fixed earlier in the day to $1,104.50 an ounce, which was a decline of $12.50 from Thursday. Silver retreated 9 cents to $17.310 an ounce. Platinum was settled at $1,417.00 an ounce, falling $15.00.

Notable bullion quotes follow:

"Nothing goes up or down in a straight line," Doug Keller, managing director at Binary Research, a commodities research firm, said on MarketWatch. "A lot today is technical and has to do with options expiration."

"The fall yesterday below $1,100 an ounce is an attractive level for some bargain hunters," Peter Fertig, owner of Quantitative Commodity Research Ltd. in Hainburg, Germany, said on Bloomberg. "Gold is recovering as the dollar has given back some of its gains made over the last few days."

New York crude-oil for February delivery advanced 38 cents, or 0.4%, to $74.42 a barrel. 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.

For a silver coin news item of the day, read about the US Mint’s release of the 2010 Boy Scouts Silver Dollar Coin Designs.

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