Gold Gains with Other Precious Metals

by on January 22, 2009 · 0 comments

Gold ended higher Thursday, despite a stronger U.S. dollar that tends to press precious metal prices — especially gold — down for losses. New York silver, gold and platinum futures gained 0.4 percent, 1.0 percent and 0.8 percent, respectively.

Bullion update ... March crude-oil rose 12 cents, or 0.3 percent, to close to $43.67 a barrel. The average price for regular unleaded gasoline increased two-tenths of a cent to $1.850 a gallon, according to AAA.

March silver gained 5 cents to close at $11.37 an ounce.

April platinum climbed $7.30 to $934.90 an ounce.

Gold for February rose $8.70 to settle at $858.80 an ounce.


“New York bullion dealings opened on the downside this morning but managed to turn higher by midday and were maintaining their gains in the afternoon hours.,” said senior analyst Jon Nadler at Kitco Bullion Dealers.

"For the week in progress, gold has shown somewhat of a disconnect with the greenback and with oil – a potential sign that safe-haven demand might be able to keep it above the $800-845 area for a while longer," 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.

In collector bullion coin news, the US Mint on Thursday began selling 2009 Ultra High Relief Double Eagle gold coins for $1,189 each. The coin is a recreation of the Augustus Saint-Gaudens’ designed 1907 $20 Double Eagle, which is often described as "the most beautiful coin ever minted." The modern gold piece is expected to be popular, with early indicators seeming to show strong double eagle sales.

Check out CoinNews market resources at Live Gold Spots, the Silver Coin Calculator, U.S. Mint Collector Bullion Coin Prices, and the Inflation Calculator.

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