Gold Falls for Seven Straight Days, Silver Below $13

by on March 3, 2009 · 0 comments

Gold fell further Tuesday, stretching its losing streak to seven consecutive days and dropping the most in seven weeks. Silver slipped below $13 an ounce, and was closer to $12 at one point. For the daily breakout, New York silver, gold and platinum futures lost 2.7 percent, 2.8 percent and 3.7 percent, respectively.

Bullion update ...In U.S. stocks, the Dow fell 0.6 percent, the S&P declined 0.6 percent and the Nasdaq dropped 0.1 percent.

Crude-oil for April delivery recovered a portion of Monday’s $4.61 loss, gaining $1.50, or 3.7 percent, to close at $41.65 a barrel.

AAA said the average price for regular unleaded gasoline increased one-tenth of a cent to $1.933 a gallon.

March silver lost 35.5 cents to close to $12.695 an ounce.

April platinum fell $39.60 to $1,036.30 an ounce

Gold for April delivery declined $26.40 to end at $913.60 an ounce.


"Selling pressure in gold increased on Tuesday, as the quest for cash and a preference for risk aversion sank the metal to a low of $904.10 per ounce," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers. "Thus, half of the near-$200 upward swing in gold prices achieved since mid-January has now been filed under ‘profits taken.’ "


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 spot trading, the London afternoon gold-fixing price — a benchmark for gold traded directly between big institutions — stood at $913.75 an ounce. London silver and platinum were at $12.68 and $1,046.00, respectively.

Check out additional market resources at Live Spots, the Silver Coin Melt Calculator, U.S. Mint Collector Bullion Price Guide, and the Inflation Adjuster.

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