Gold Climbs 1.2 Percent

by on November 3, 2008 · 0 comments

New York gold futures climbed 1.2 percent on Monday, recovering slightly from October’s registered biggest monthly loss in 25 years. Silver experienced a small 0.2 percent gain while platinum dropped 0.5 percent.

Bullion update ...December crude-oil fell $3.90 or 5.8 percent, to close to $63.91 a barrel — losing most of last week’s 6 percent gain.

December silver gained 2 cents to end at $9.75 an ounce.

January platinum lost $4.50 to settle at $827.10 an ounce.

Gold for December gained $8.60 to close to $726.80 an ounce.


"The new month started out on a slightly more upbeat note for precious metals, although no major changes were detected in the overall trend that dominated an October to forget," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"The liquidation mania and related selling pressure we have seen for many an October session may yet make a return, as the prospects for price declines in industrial metals and energy remains at the forefront of economic forecasts," added Nadler.


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. When prices are falling and economic activities are shrinking, gold prices tend to move lower.

Check out CoinNews market resources at Live Silver, Gold & Platinum Spots, the Silver Coin Calculator and the Inflation Calculator.

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