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Gold gains as silver, platinum see declines
by Elaine Frei
Precious metals prices were mixed on Wednesday as gold climbed on more bad news for the dollar, but other metals were lower.
The US dollar touched yet another all-time low versus the euro after China said it will diversify its foreign exchange reserves toward stronger currencies.
Responding to the dollar’s weakness, December gold in New York went [...]
Platinum hits new high in New York
by Elaine Frei
Precious metals prices were higher on Tuesday, platinum reaching a new high and gold and silver both hitting long-term highs on the session.
The gains came as the euro reached another new high in relation to the US dollar.
January platinum added $17.20 to $1,483.70 per troy ounce in New York, the highest on record for a [...]
Gold, silver drop on interest rate speculation
by Elaine Frei
Precious metals prices were mixed in New York on Thursday.
December gold dropped $1.60 to $793.70 per troy ounce as oil prices dropped and on suspicions that the Federal Reserve won’t cut US interest rates again this year.
Silver for December delivery was also lower, falling 11 cents to $14.33 per troy ounce.
Silver, which has more industrial [...]
Precious metals prices fall ahead of Fed decision
by Elaine Frei
Precious metals prices were lower Tuesday in New York.
December gold dropped $4.80 to $787.80 per troy ounce on the chance that the US Federal Reserve will not act to change interest rates Wednesday rather than cutting rates, as many analysts have believed it will do.
Speculation is that if interest rates are held steady, the dollar [...]
Gold, silver climb as palladium, platinum see declines
by Elaine Frei
Precious metals prices were mixed on Monday as gold and silver rallied on the continuing rise in the price of crude oil and on the fall of the US dollar to another new low versus the euro as most analysts were convinced that the Federal Reserve will cut US interest rates again when it meets [...]
Precious metals prices follow oil higher
by Elaine Frei
Precious metals prices were higher Thursday as oil prices rose to new record highs and as the US dollar again declined in relation to the euro, to near-record lows before a slight bounce back.
December gold was $5.40 higher in New York to $771 per troy ounce, bringing its gains so far this year to 21 [...]
Gold prices rise as most other metals decline
by Elaine Frei
The price of gold rose in New York on Wednesday as other precious metals prices declined, with the gains coming as equities markets declined and crude oil prices rose again.
Gold also gained as the US dollar declined versus the yen after investors were put off risky carry trades on reports that sales and prices of [...]
Platinum gains as South African mines remain closed
by Elaine Frei
Precious metals prices were higher in New York on Tuesday as the US dollar returned to losses in relation to the euro.
Platinum was higher, with January platinum up $13.20 to $1,453 per troy ounce on tight supplies as mines remain closed in South Africa on a government order after a miner died in an accident.
Output [...]
Gold lower in New York; palladium climbs
by Elaine Frei
Most precious metals prices declined Tuesday as crude oil prices continued to climb.
December gold dropped 20 cents to $762 per troy ounce in New York after climbing as high as $772 per troy ounce earlier in the day, the highest for a most-active contract since the beginning of 1980.
Silver for December delivery also dropped 20 [...]
Precious metals prices decline on session
by Elaine Frei
Precious metals prices were lower in New York on Friday as the US dollar gained on the euro, yen and sterling.
Gold for December delivery was $2.90 lower to $753.80 per troy ounce, adding 0.9 percent on the week for the seventh weekly gain out of the past eight weeks.
Decmeber silver dropped 8 cents to $13.80 [...]
Gold drops $8.50 per ounce on session
by Elaine Frei
Precious metals prices were lower in New York on Monday as the US dollar gained ground on the euro.
December gold was $8.50 lower to $738.70 per troy ounce, a decline of over 1 percent on the session.
Despite the retreat, Citigroup (NYSE: C) raised its forecast for average gold prices this year from $672 per troy [...]
Precious metals prices decline on stronger dollar
by Elaine Frei
Precious metals prices were lower on Tuesday after the US dollar gained as much as 0.6 percent in relation to the euro after nearly two weeks of daily declines and a string of record lows for the greenback versus the shared currency.
December gold dropped $17.80 to $736.30 per troy ounce in New York, its biggest [...]
Platinum higher on demand
by Elaine Frei
Precious metals prices were mixed in New York on Wednesday.
Platinum and palladium were both higher as some analysts touted platinum over gold as a safer investment.
January platinum added $2.70 to $1,360.50 per troy ounce, a new high closing price, and was as high as $1,363 per troy ounce earlier in the session , also a [...]
Precious metals gain on US rate cut
by Elaine Frei
Precious metals prices were higher in New York on Wednesday, a day after the Federal Reserve cut US interest rates by 0.5 percent.
The gains came as investors speculated that the rate cut would weaken the US dollar and make metals a more attractive investment.
December gold added $5.80 to $729.50 per troy ounce, while December silver [...]
Gold heads above $700 per ounce
by Elaine Frei
Metals prices were higher in New York on Thursday.
December gold breached the $700 level, adding $13.90 in afternoon trade to $704.60 per troy ounce.
December silver was 18 cents higher to $12.53 per troy ounce, while October palladium gained $15.90 per troy ounce as it continued its gains on higher demand.
Earlier in mid-morning trade, December palladium [...]
Platinum gains on demand hopes
by Elaine Frei
Platinum saw gains on Tuesday on the possibility that demand for use in automobile pollution control devices after Toyota Motor (TYT: 7201.T; NYSE: TM; LSE: TYT) and Honda Motor (TYO: 7267; NYSE: HMC) both said production was up in July.
The price of October platinum added $8.30 in New York to $1,260.60 per troy ounce in [...]
Gold, silver slide on session
by Elaine Frei
Precious metals prices were mixed on Monday.
Gold and silver both saw declines on the possibility that the US economy will slow, sending demand for precious metals lower.
December gold dropped 30 cents in New York to $666.50 per troy ounce after going as much as 0.6 percent higher and 0.7 percent lower during the session.
September silver [...]
Metals prices down on week
by Elaine Frei
Metals prices were higher on Friday but ended the week lower as the US Federal Reserve moved to cut the discount rate, the interest rate that governs direct loans by the Fed to banks and said that it would take further action to steady the markets if necessary.
The day’s gains came after commodities saw their [...]
Investors sell precious metals, prices drop
by Elaine Frei
Prices of precious metals plummeted on Thursday as investors were forced to sell their metals in order to raise cash amid falling equities markets and a growing credit crisis.
December gold dropped $21.70 in New York to $658 per troy ounce, its biggest one-day percentage loss since the beginning of October 2006.
September silver prices fell $1.06 [...]
Metals prices fall on economy concerns
by Elaine Frei
Metals prices were lower on Tuesday after the US dollar gained ground on the euro as the European Central Bank injected money into the banking system for the fourth session in a row.
December gold was $1.20 lower to $678.70 per troy ounce in New York as analysts said that the market for the precious metal [...]