For the first time since last March due to safe haven buying. Silver and platinum also rallied. Gold price for April delivery went up US$25.70oz or 2.6%, to settle at US$1,002.20 oz. hitting US$1,007.70 on the day. March Silver closed at US$14.49 oz +. 555 pennies. April platinum rose US$19.20 to 1,095.70 oz. Gold’s hedge appeal was strengthened as US stock market tanked.
The DJIA continued to decline sharply on Friday after closing Thursday at its lowest level since 2002. Markets in Germany, France, the U.K. and Japan also dropped, and investors flocked to precious metals as a safe haven amid tumbling stock markets. US$ vs. the Euro went down sharply on Friday after trading up for several trading days, erasing most of this week’s gains helping Gold to top US$1,000 oz.
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February 23rd, 2009 at 5:14 am
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