Gold Above $900, Silver Surges

by on April 23, 2009 · 0 comments

Gold moved above $900 an ounce on Thursday, marking a near three-week high. Silver surged forward for a gain of 45 cents. Platinum, U.S. stocks and crude-oil also advanced.

Bullion update ...In New York trading futures for bullion:

  • Silver for May delivery jumped 3.7 percent to $12.755 an ounce.

  • Gold for June rose $14.10, or 1.6 percent, to $906.60 an ounce.

  • July platinum gained $9.30, or 0.8 percent, to $1,188.00 an ounce.


"New York spot bullion prices opened on a continuing steady note, still supported by pre-festival Indian buying and by financial sector uncertainties," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers.

"As a safe-haven and potential anti-inflation wealth vessel, the yellow metal continued to remain attractive to more people, and at a higher percentage allocation than historically. As a value play however, the jury remains very much out on bullion," Nadler added.


In spot bullion, the benchmark London gold fix price stood at $897.50, or $11.50 higher than Wednesday. Silver gained 31 cents to $12.43 an ounce. Platinum was fixed $3.00 higher to $1,177.00.

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 gasoline prices

Oil climbed for a third straight day. Crude for June delivery rose 77 cents, or 1.6 percent, to $49.62 a barrel. AAA said the national average for unleaded gasoline was one-tenth of a cent higher than Wednesday, rising to $2.063 a gallon.

U.S. Stocks

In another volatile day of trading, U.S. stocks advanced late to record modest gains.

The Dow Jones industrial average rose 70.49 points, or 0.89 percent, to 7,957.06. The S&P 500 Index climbed 8.37 points, or 0.99 percent, to 851.92. The Nasdaq Composite gained 6.09 points, or 0.37 percent, to 1,652.21.

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

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