Gold Drops First Day in Four, Silver Declines

by on March 16, 2009 · 0 comments

Gold fell Monday for the first time in four days as silver, platinum and U.S. stocks also finished lower. Crude-oil gained. For the numbers, New York silver, gold and platinum futures lost 2.5 percent, 0.9 percent and 1.3 percent, respectively.

Bullion update ...The Dow dropped 0.1 percent, the S&P fell 0.4 percent and Nasdaq lost 1.9 percent.

Crude-oil for April delivery gained $1.10, or 2.4 percent, to close at $47.35 a barrel — its highest point in 10 weeks. The average price for regular unleaded gasoline increased one-fifth of a cent to $1.910 a gallon, according to AAA.

May silver declined 32.5 cents to close to $12.89 an ounce.

April platinum dropped $14.20 to $1,049.40 an ounce

Gold for April delivery fell $8.10 to end at $922.00 an ounce.


"Gold prices continued their light retrenching on Monday, as investors cautiously diverted some funds into equities following determined statements from various G-20 summit attendees in Brighton," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers


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 $919.50 an ounce. London silver and platinum were at $13.06 and $1,054.00, 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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