Gold Above $900, Silver and Platinum Advance

by on February 4, 2009 · 0 comments

Gold headed back above $900 an ounce on Wednesday after falling for two straight days. New York silver, gold and platinum futures climbed 1.4 percent, 1.1 percent and 0.6 percent, respectively.

Bullion update ... March crude-oil lost 46 cents, or 1.1 percent, to close to $40.32 a barrel. The average price for regular unleaded gasoline climbed a penny for the second straight day to $1.90 a gallon, according to AAA.

March silver gained 17 cents to close at $12.47 an ounce.

April platinum rose $6.20 to $969.70 an ounce.

Gold for February gained $9.60 to settle at $901.60 an ounce.


"Worldwide, gold is seen as a safe place to be," Frank Lesh, a trader at FuturePath Trading LLC in Chicago, was quoted at Bloomberg. "It’s one of the few assets that made money last year. Everybody wonders: Where should I go with my money this year? When you look around, gold is one of the few recipients."


In spot trading, the London afternoon gold-fixing price — a benchmark for gold traded directly between big institutions — stood at $905.00. London silver and platinum were at $12.40 and $962.00, 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.

{ 0 comments… add one now }

Leave a Comment