Precious Metals Rise for Second Straight Session

by on February 5, 2009 · 0 comments

Precious metals climbed on Thursday as oil rose and the U.S. dollar was mixed against other world currencies. New York silver, gold and platinum futures climbed 2.2 percent, 1.3 percent and 1.3 percent, respectively.

Bullion update ... March crude-oil gained 85 cents, or 2.1 percent, to close to $41.17 a barrel. The average price for regular unleaded gasoline climbed seven-tenths of a cent to $1.907 a gallon, according to AAA.

March silver jumped 28 cents to close at $12.75 an ounce.

April platinum gained $12.30 to $982.00 an ounce.

Gold for February rose $12.00 to end at $913.60 an ounce.


"If it were restricted to just one country, gold might be a little less resilient," Philip Gotthelf, the president of Equidex Brokerage Group Inc. in Closter, New Jersey, was quoted on Bloomberg. "You’re looking at a global meltdown. It looks like all nations will follow the U.S.’s lead in re-inflating their economies. The smart money is moving into gold."

"We could be in for another test of the $930 area of resistance before Friday’s trading is finished," said senior analyst Jon Nadler at Kitco Bullion Dealers. "A combination of safe-have and inflation hedge buying has supported values in and around $900 of late, despite sharply falling fabrication demand across key centers."


In spot trading, the London afternoon gold-fixing price — a benchmark for gold traded directly between big institutions — stood at $920.00 an ounce. London silver and platinum were at $12.80 and $981.00, 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.

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