Gold Futures Drop 50 Cents, Platinum Gains Nearly $18

By CoinNews.net on Aug 20th, 2008 in Bullion Articles and Precious Metal Reports, Business News | No Comments

New York platinum was the biggest precious metals mover Wednesday, while gold and silver experienced small losses.

September crude-oil gained for the second consecutive session, rising 45 cents to close at $114.98 a barrel.

Silver for September fell by 6.5 cents to close to $13.04 an ounce.

October platinum gained $17.60 to end at $1,368.90 an ounce.

December gold dropped slightly by 50 cents to close to $816.30 an ounce.

Gold’s lowest intraday mark was $806.80 an ounce, and it hit a high point of $822.40.

“The mid-week session in NY was unremarkable with the exception of the attempt to pierce $800 earlier in the day," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Gold prices retreated to the middle of the range at $810 and had a rather lackluster afternoon session," continued Nadler.

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