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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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Red Roadmaster’s Technical Report on the US Major Market Indices for Monday October 19th, 2009 looks at: Gold, Crude Oil, Silver, Natural Gas, and Forex technical updates

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Red Roadmaster’s Technical Report on the US Major Market Indices for Monday October 12th, 2009 looks at: Gold, Crude Oil, Silver, Natural Gas, and Forex technical updates

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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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The Red Roadmaster’s September 8, 2009 Market Update looks at Crude Oil, Natural Gas, Gold, Silver and Forex Updates

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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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