Precious metals gain on lower dollar, higher oil prices
by Elaine Frei
Gold prices were significantly higher in New York on Wednesday after the dollar dropped versus the euro once again and oil hit the $100 per barrel level for the first time in history.
February gold rose as high as $864.50 per troy ounce, its highest since January 1980, and ended the session up $22.50 over its previous close to $860.50 per troy ounce.
March silver was also substantially higher, adding 37 cents to $15.29 per troy ounce after having traded as high as $15.37 per troy ounce earlier in the day.
Meanwhile, April platinum added $6.50 to $1,546 per troy ounce as the weakening dollar made platinum a more attractive investment and as analysts predicted that demand for the metal, used in the manufacture of motor vehicle pollution control devices, will remain high in 2008.
Add to Bookmarks:
Related posts to: Precious metals gain on lower dollar, higher oil prices
Precious metals prices decline on session ...
Precious metals mixed ...
Gold drops $1.50 per ounce ...
Gold up as dollar fails to gain on euro ...
Gold adds $8 in New York to end week ...
Latest Metals News:
Copper prices fall on inventories, US housing data Copper, aluminium gain after early declines Gold drops half a dollar in New York Copper pares gains on US retail data Copper, aluminium inventories continue to climb Alcoa delays expansion at Wagerup and cuts production Platinum, palladium down on auto sector problems China’s stimulus plan sends most metals higher Western Areas reports on high grade nickel at Spotted Quoll Rio looks for Chinese joint venturesPrevious: « Gold falls on session, ends year higher
Next: Base metals prices up despite US manufacturing data »
Visited 943 times, 1 so far today