Gold Climbs First Day in Nine; Silver and Platinum Advance

by on March 5, 2009 · 0 comments

Gold finally bucked its consecutive eight day negative trend and moved into positive territory Thursday. Silver and platinum joined, swinging upward, while oil and stocks plunged.

Bullion update ...For the daily numbers, New York silver, gold and platinum futures gained 1.6 percent, 2.3 percent and 1.9 percent, respectively.

The Dow and S&P were both down 4.5 percent with 30 minutes of trading left and the Nasdaq had fallen 3.9 percent.

Crude-oil for April delivery lost $1.77, or 3.9 percent, to close at $43.61 a barrel. The average price for regular unleaded gasoline was again unchanged — for the third straight day — standing at $1.933 a gallon, according to AAA.

March silver rose 20.5 cents to close to $13.105 an ounce.

April platinum climbed $19.80 to $1,064.60 an ounce

Gold for April delivery gained $21.10 to end at $927.80 an ounce.


"As equities continue to liquidate, we can see safe-haven buying in gold," Tom Pawlicki, an analyst at MF Global Ltd. in Chicago, was quoted on "Yesterday’s rally in stocks doesn’t have much staying power."


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 $913.50 an ounce. London silver and platinum were at $13.15 and $1,056.00, 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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