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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 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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Gold futures on the COMEX Division of the New York Mercantile Exchange closed higher on Wednesday as crude oil jumped sharply upon unexpectedly plunging oil inventory. Silver finished lower, but platinum rose. Gold price for December delivery climbed US$5.60, or 0.6%, to finish at US$944.80 oz. The Energy Information Association reported on Wednesday that US Crude Oil in storage for the week ended Aug. 14 fell by 8.4M bbls. This is much lower than economists’ expectations of a 1.3M bbl increase. Sparked by the tightened oil stockpile, benchmark Crude Oil for September delivery soared US$2.47, or 3.6%, to US$71.66 bbl by the end of Gold floor trading time. Worries on inflation helped the yellow metal metal regain strength and close the session higher. In the currency markets, the Dollar index, a gauge measuring the greenback’s value against six major currencies, stood at 78.438, down from the intra-day high of 79.225 in the morning session. A weaker US$ is considered to boost Gold’s demand as the dollar-denominated yellow metal becomes cheaper. December silver finished at US$13.909 oz, down 8.6 pennies. October Platinum rose US$9.30 to US$1,241.40 oz.

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Gold futures dipped on Wednesday as weaker equities prompted funds to consolidate recent profits, but the market drew support from a renewed appetite for risk among investors. Platinum and palladium, boosted this week by strong July car sales, rose on supply worries because of a possible strike at the power utility in top platinum producer South Africa. Renewed interest from investment funds buoyed commodities and equities alike, as investors focused on economic recovery rather than deflation which had decreased inflation-hedge buying in Gold earlier this year. US December gold futures settled down US$3.40 at US$966.30 oz on the COMEX division of the New York Mercantile Exchange. Spot Gold dipped to US$966.20 an ounce at 3:30 p.m. EDT from US$966.75 oz late in New York on Tuesday.

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While bank stocks have been battered, it is the sector’s bonds and their spreads over government debt, that could provide early clues of an upturn. “The best news is that non-financial high-grade corporate debt has been behaving a lot better, but financial sector debt needs to be better bid,” said John Haynes, strategist at Rensburg Sheppard in London. He said a directional change in the iBoxx financial index, a benchmark for bonds from financial companies, was crucial. European financial bond prices have fallen almost 17% on average this year, the iBoxx financials index shows, suggesting investors are giving the sector a wide berth. Haynes said he was also watching the Platinum-to-Gold ratio. Platinum has a variety of industrial uses, notably in cars, while Gold is boosted by its safe-haven allure. The ratio of the two metals, in effect a ratio of economic growth expectations to investor fear, has moved decisively in the direction of fear. Platinum prices were double the level of gold in February last year, but now the ratio is close to 1 to 1.”You look at everything and try and work as you used to, said Fortis’ Gijsels. “But should have an open mind and understand that market internals have changed.”

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