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Gold futures on the New York Merc’s COMEX hit a fresh record high above US$1,150 Wednesday as the USD weakened. Silver finished a plus a bit, but platinum finished off a bit. The most active Gold contract for December delivery rose US$1.80 to finish at US$1,141.20 oz. Earlier in the session, the precious metal soared above US$1,150 for the 1st time and touched US$1,153.40 on the high. The USD declined Wednesday as a US Fed official said that interest rates may not rise until 2012 from the record low level near zero. The Dollar index, a gauge measuring the Greenback’s value against other major currencies, lost more than 0.3% to 75.205 when Gold pit trading closed, but the USD’s recovery in late session forced the yellow metal South. December Silver was up 2.8 cents to US$18.415 oz. and January Platinum lost US$10.50 to end the trading session at US$1,452 oz. Read more

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Gold futures on the COMEX Division of the New York Merc closed a bit lower Thursday as the USD bounced off of its 14 month low. Silver and Platinum both followed. The most active Gold contract for December delivery dropped US$5.90 or 0.6%, to finish at US$1,058.60 oz. The Dollar saw a slight recovery Thursday as investors worried that China could begin to withdraw its massive stimulus in view of an 8.9% economy increase in Q-3 in order to control the potential inflation. This refueled greenback’s appeal of safe haven amid concerns of global economy recovery. By the end of Gold floor trading time, the dollar index, a gauge measuring the greenback’s value against a basket of major currencies, rose to 75.375 from the 14 month low of 75.085 Wednesday. On the jobs market, the Labor Department said workers filing for unemployment benefits for the first time rose more than expected last week. New unemployment benefits claims rose to 531,000 last week from 520,000 the previous week, higher than economists’ expectations. December Silver was down 28 cents to US$17.545 oz. and January Platinum lost US$4.50 to US$1369.90 oz. Read more

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Gold flirted with and around UD$1,000 oz for more than a month, and yesterday Gold futures on the COMEX Division of the New York Mercantile Exchange rallied to a record high Tuesday, as the USD headed South to a 1 yr low on a Bearish report. The price for the most active Gold contract (December delivery) soared US$21.90, or 2.2%, to close the session at US$1039.70 oz. after taping US$1,045 shortly before the close, topping the overhead resistance of US$1,033.90 made in March 2008. After the Istanbul G-7 meeting failed to give enough support to a weak USD, the greenback headed due South Tuesday. It was reported in Great Britain that Crude Oil exporting countries in the Middle East plus some big energy consumers are considering ending the benchmark US$ in global Crude Oil trading replacing it with a basket of currencies, including the Japanese yen, Chinese Yuan, the Euro and Gold. Read more

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Gold futures on the COMEX Division of the New York Merc rallied to a one-week high Monday as the US$ went South. Silver and Platinum both ended higher too. Gold price for December delivery gained US$13.50 , or 1.3%, to finish at US$1,017.80 oz, shortly after touching the intra-day high of US$1,018.80, the highest price level since Sept. 23. The US$ fell Monday after a statement from the G-7 meeting in Istanbul, Turkey over the weekend. The seven major economies of the world said in the statement that “excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.” This did not give much support to the greenback although investors expected a stronger statement in support of the USD. Read more

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Gold futures on the COMEX Division of the New York Mercantile Exchange declined for 1st session in three Thursday after hitting a new 18 month high, Silver and Platinum both ended the session lower. Gold price for December delivery fell US$6.70, or 0.7%, to finish at US$1,013.50oz. During the exciting session the contract touched as high as US$1,025.80 as it charges North to the all time high of US$1,033.90 hit last March. A recovering USD in the late session also weighed on Gold. The dollar index, a gauge measuring the greenback’s value against six other major currencies, rose to 76.334 from the earlier low of 76.055 by the end of Gold floor trading time. Gold, which is used as a hedge against a weak dollar and inflation, has rallied recently as the greenback keeps falling against other major currencies. On economic front, the US Labor Department said workers filing for first jobless benefit claims dipped to 545,000 last week from an upwardly revised 557,000 the previous week, compared with economists’ expectations of increase. December silver finished at US$17.265 oz, down 16.5 cents, October Platinum lost US$8.60 to US$1341.50 oz.

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Gold futures on the COMEX Division of the New York Mercantile Exchange rocketed to a 3 month high on Wednesday as the US$ weakened on disappointing jobless data. Silver and Platinum followed Gold North. Gold price for December delivery gained US$22, or 2.2%, to finish at US$978.50 oz, touching as high as US$981.40, the best level since June 4. The US Dollar fell against most rival currencies as a private sector report on unemployment disappointed investors who had anticipated the economy to recover as a faster pace. The ADP National Employment Report said that employment in the private sector fell by 298,000 in August following a revised loss of 360,000 jobs in July. The dollar index, a gauge measuring the greenback’s value against six other currencies, declined 0.385, or 0.5%, to 78.376 by the end of the Gold floor trading session. A weak US$ usually strengthens Gold’s appeal as investors purchase the precious metal as an alternative asset of hedge. December Silver finished at US$15.365 oz, up 30.5 cents. October Platinum gained US$3.30 to US$1,230.10 oz.

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