As stocks tumbled for the seventh straight day on Thursday, New York precious metals futures were a mixed bag. Silver and platinum climbed 0.93 percent and 3.12 percent, respectively, while gold fell 2.2 percent. Oil joined gold and stocks, falling 2.7 percent, and to its lowest level in more than a year.
November crude-oil fell $2.36 to settle at $86.59 per barrel. That, despite news from OPEC that it’ll hold an “extraordinary” meeting on Nov. 18 in Vienna to “discuss the global financial crisis, the world economic situation and the impacts on the oil market.”
Investor concern over a slowing global economy with resulting diminished demand for oil was stronger Thursday than the potential for OPEC to cut production at a later date in an attempt to raise crude prices.
December silver climbed 11 cents to close at $11.88 an ounce.
January platinum surged $31.60 to end at $1043.70 an ounce.
Gold for December lost $19.90 to close at $886.50 an ounce.
"While yesterday’s coordinated rate moves may have a greater impact on investor sentiment, it seems that we still have a long way to go before conditions begin to stabilize," said James Moore, an analyst at TheBullionDesk.com.
"As a result, we expect gold to benefit further from investor safe-haven demand, though in the short term the metal will remain vulnerable to bouts of cash generating profit-taking," Moore said.
Gold typically follows oil’s direction and moves opposite to the U.S. dollar, as a weakened dollar encourages investors to buy gold, also considered a hedge or safe-haven during times of high inflation and economic uncertainty.