Silver Soars, Gold and Platinum Rise as Dollar Falls

Precious metals kicked back into high gear Monday as the U.S. dollar dropped against other world currencies. Silver soared above $13 an ounce, gold climbed back on top of $900, and platinum jumped over $1,100. In other markets, crude-oil closed to a more than five month high while U.S. stocks also surged to multi-month highs.

In New York trading futures for bullion on Thursday:

• Silver for July delivery soared 61.3 cents, or 4.9 percent, to $13.113 an ounce.

• Gold for June gained $14.00, or 1.6 percent, to $902.20 an ounce.

• July platinum climbed $25.60, or 2.33 percent, to $1,122.00 an ounce.

“A substantially lower US dollar and substantially higher crude oil values both helped the yellow metal recover some lost value,” wrote Jon Nadler, senior analyst at Kitco Bullion Dealers.

"This week’s ECB interest-rate decision and U.S. bank stress-test results will dominate the action in the gold price," Bayram Dincer, a Dresdner Bank commodity analyst in Zurich, was quoted on Bloomberg. "Gold will retest $910 an ounce resistance and surpass it. Gold fundamentals are still well intact and are expected to become more price-supportive in the near term."

London markets were closed Monday for a public holiday. London bullion spot prices will resume Tuesday morning.

In bullion coin news, American Eagle gold sales closed April at the highest level since 1999 while silver eagle sales hit multi-year highs, setting records never before seen.

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 futures climbed Monday for the forth straight day, and ended at a more than five-month high. Crude-oil for June delivery jumped $1.27, or 2.4 percent, to $54.47 a barrel.

In news for consumers, the national average for unleaded gasoline climbed a half-cent to $2.073 a gallon, according to AAA. Prices have been on the rise for several days. The average price per gallon is 2.3 cents higher than a week ago.

U.S. Stocks

U.S. stocks surged to multi-month highs on the first day of the week. The Dow Jones industrial average jumped 214.33 points, or 2.61 percent, to 8,426.74. The Dow closed at the highest level since January 13.

The S&P 500 Index climbed 29.72 points, or 3.39 percent, to 907.24. The index finally turned positive on the year, and is above the 900 mark for the first time since January 8.

The Nasdaq Composite Index rose 44.36 points, or 2.58 percent, to 1,763.56 and its highest point since November 4.

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.