Precious Metals Reach Higher Thursday

New York silver, gold and platinum increased Thursday, moving inline with higher crude oil prices. Gold performed at its best upward pace since last week and was helped further by a weaker US dollar.

Silver gained 14 cents to close at $18.32 an ounce.

Platinum increased sharply to $2,000.90, gaining $26.40 for the day. Reports of stronger buying from China were sited as a catalyst.

Gold was boisterous as well, climbing $13.40 to $942 an ounce and reaching a high of $945.40 earlier in the day.

Did the Iranian missile tests help gold too? Jon Nadler, senior analyst at Kitco, believes they were a driving factor this morning.

“More Iranian missile-rattling underpinned gold and oil prices overnight as the metal traded within a tight but firm range of from $925 to $933."

Gold typically follows oil and moves in the opposite direction to the dollar, as it is bought to hedge against weakness in U.S. currency.

This afternoon, Nadler commented on tomorrow’s "tilt" and potential for an upbeat day for gold.

"The tilt, as we go into the final session of the week tomorrow has improved again, and unless some strong pro-dollar jawboning or another heavy sell-off in oil emerges."

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