Gold Rises Back Above $900

by on January 29, 2009 · 0 comments

Gold again stepped above the $900 barrier Thursday following two consecutive daily losses on the heels of Monday’s four-month high of $908.80. New York silver, gold and platinum futures gained 1.5 percent, 1.9 percent and 1.2 percent, respectively.

Bullion update ... March crude-oil lost 46 cents, or 1.1 percent, to close to $41.70 a barrel. The average price for regular unleaded gasoline fell one-tenth of a cent to $1.843 a gallon, according to AAA.

March silver gained 18.2 cents to close at $12.145 an ounce.

April platinum increased by $12 to $974.90 an ounce.

Gold for February climbed $16.90 to settle at $905.10 an ounce.


"We’re seeing a bit of bounce in gold because of what the equity markets are doing now," Matt Zeman, a metals trader at LaSalle Futures Group in Chicago was quoted on Bloomberg. "Investors are backing out of equities and going to gold and other assets that are viewed as safer."


In spot trading, the London afternoon gold-fixing price — a benchmark for gold traded directly between big institutions — stood at $892.25. London silver and platinum ended at $11.74 and $953, respectively.

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.

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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