Gold Rises, Platinum Surges

Gold climbed Thursday for the second straight session despite a stronger U.S. dollar. Silver, oil and U.S. stocks also rose while platinum jumped to a multi-month high.

For the bullion daily numbers, New York gold, silver and platinum futures gained 0.4 percent, 1.4 percent and 2.3 percent, respectively.

May silver rose 18.3 cents to $13.62 an ounce.

April platinum surged $25.80 to close at $1,149.50 an ounce

Gold for April delivery advanced slightly by $4.20, ending at $940.00 an ounce.

"For gold, if the economy comes back sharply, that’s going to fuel inflation," Tom Hartmann, a commodity analyst at AltaVest Worldwide Trading Inc. in Mission Viejo, California, was quoted on Bloomberg. "What’s holding gold back is that there’s no apparent inflation yet. Until that happens, gold is just going to hang around."

"Overall conditions still appear to favor a push toward higher values over the course of at least the next week," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers. "The expected economic recovery is currently not being given high odds until sometime in 2010."

In spot trading, the London afternoon gold-fixing price — a benchmark for gold traded directly between big institutions — stood at $938.25 an ounce. The London market for silver and platinum ended at $13.60 and $1,152.00, 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.

Oil and gas prices

Crude-oil for May delivery recovered from Wednesday’s decline and bounced up $1.58, or 3.0 percent, to $54.35 a barrel. In less than happy news for consumers, gasoline prices at the pump jumped above $2 for the first time this year. According to AAA, the average price for regular unleaded gasoline increased 2.3 cents to $2.009 a gallon, which is 7.6 cents higher than a week ago.

U.S. Stocks

U.S. stocks rallied Thursday with the Dow nearing 8,000, the Nasdaq erasing 2009 losses, and the S&P marking a 20 percent increase in 2-1/2 weeks. For the numbers, the Dow gained 174 points, or 2.2 percent, the S&P rose 18 points, or 2.3 percent, and the Nasdaq advanced 58 points, or 3.8 percent.

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