Gold Falls for Fifth Consecutive Day, Silver and Platinum Follow

by CoinNews.net on August 7, 2008 · 0 comments

A strong US greenback was credited for New York silver gold and platinum losses Thursday. Gold’s decline marks the fifth consecutive day of poor performance for the yellow metal.

Bullion update ...Silver for September delivery lost 25 cents to close to $16.26 an ounce.

October platinum lost $27.40, falling to $1,582.60 an ounce.

December gold dropped $5.10 to finish at $877.90 an ounce.

“Perceptions that the dollar may have placed its worst days of performance into a crypt marked "R.I.P. Sep 2007 – Aug 2008" continue to fuel waning open interest and long liquidation/sales into rallies patterns in gold and other commodities," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Would-be buyers are not yet convinced they are seeing any ‘blue light special’ on offer and could hold out for a test of the all-important $845 zone."

A rising dollar makes commodities like silver, gold and platinum, more expensive for overseas investors.

Gold typically moves opposite of the dollar, as a weakened dollar encourages investors to buy gold, also considered a hedge during times of high inflation and economic uncertainty.

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