Gold, silver prices extend gains as dollar slides
NEW YORK — Gold, oil and other commodities climbed Tuesday as the dollar fell to fresh lows.
The December gold contract rose $7.50 to settle at $1,065 an ounce on the New York Mercantile Exchange after earlier rising as high as $1,069.70, a new record. It was the tenth straight day that gold prices finished above the $1,000 mark — a first in gold trading.
December silver hit a fresh 15-month high, rising to $18.075 before settling at $17.84 an ounce, up 2 cents.
The gains came as the dollar lost more ground against other currencies including the euro and the British pound, which makes dollar-priced commodities more attractive to foreign buyers. The ICE Futures U.S. dollar index, which measures the dollar against a basket of other major currencies, dropped to a 14-month low.
The drop in the dollar also helped push energy prices higher. Crude oil for November delivery gained 88 cents to settle at $74.15 on the New York Mercantile Exchange. Oil prices have risen for four straight days and a barrel costs 4 percent more than it did one week ago.
The dollar has weakened steadily over the past several months, and analysts largely expect the dollar to continue to fall as U.S. interest rates remain at record lows.
Among other precious metals, October platinum rose $13.40 to $1,352.80 an ounce, after earlier hitting a contract high of $1,357.80.
Bucking the trend, December copper futures fell 6.25 cents to $2.7945 a pound.
Elsewhere on the Nymex, heating oil rose almost 3 cents to settle at $1.9234 a gallon, and gasoline for November delivery gained about 3.3 cents to settle at $1.8318 a gallon.
Earlier Tuesday, the Organization of Petroleum Exporting Countries offered up some good news for energy traders, projecting that world oil demand will grow by almost 1 percent next year due to the rebounding global economy. OPEC, however, did caution that the pace of the recovery is far from certain.
The 12-nation group that supplies over 35 percent of the world’s oil said demand was expected to grow by 700,000 barrels per day to average 84.9 million barrels per day. That’s 200,000 barrels more per day than was forecast in the September report.
On the Chicago Board of Trade, December wheat futures rose 17 cents to $5.1125 a bushel, while December corn futures rose 0.5 cents to $3.8175 a bushel.
November soybeans fell 6 cents to $9.93 a bushel.
Prices for coffee, sugar and cocoa also rose.
Related News
Gold prices soar to fresh high of $1,062 as dollar falls; Other commodities also rallyOctober 8th, 2009 Gold prices show no sign of slowing, hit new highNEW YORK — Gold continued its record-setting climb Thursday, rallying to a fresh high as the dollar weakened. Gold rose to as high as $1,062.70 an ounce on the New York Mercantile Exchange before settling at $1,056.30, up $11.90, or 1.1 percent.
Gold prices gain momentum, hit new high even as dollar rebounds; Oil falls, while grains riseOctober 7th, 2009 Gold touches fresh high even as dollar risesNEW YORK — Gold prices extended their rally Wednesday, climbing to fresh highs even as the dollar recouped some of its losses. Oil prices fell after a government report showing an oversupply of gasoline, while grain prices rose.
S&P index shows home prices post sixth straight month of year-over-year improvementSeptember 30th, 2009 Index shows home prices increase from June to JulyNEW YORK — A closely watched index of home prices shows year-over-year improvement for the sixth month in a row and prices in all 20 cities rose from June to July. The Standard & Poor's/Case-Shiller home price index of 20 major cities released Tuesday rose 1.2 percent from June.
Gold, silver fall for 3rd straight day, even after dollar declines; oil prices rise slightlySeptember 25th, 2009 Gold, silver falter for 3rd day; oil turns higherNEW YORK — Gold and silver prices fell for a third straight day Friday, even after the dollar reversed early gains and slid lower. Oil prices rose slightly, while soft commodities were mixed.
Gold, other metals pullback for second straight day as dollar strengthensSeptember 18th, 2009 Gold, other metals slip for second straight dayNEW YORK — Gold and other metals slipped for the second straight day, along with most other commodities, as stocks and the U.S. dollar both posted gains Friday.
Gold, other metals give back some of recent gains after touching fresh highsSeptember 17th, 2009 Gold, other metals slip after recent gainsNEW YORK — Gold and other metals gave back some of their recent gains Thursday, but not before marking fresh highs. Gold for December delivery lost $6.70 to finish trading at $1,013.50 an ounce on the New York Mercantile Exchange, after earlier rising to a new 18-month high of $1,025.80 an ounce.
Gold prices near fresh record highs as dollar sinks; other metals, energy prices also riseSeptember 16th, 2009 Weak dollar sends gold, other commodities higherNEW YORK — Another slump in the dollar is sending gold prices to near-record highs. Gold for December delivery rallied $13.90 to $1,020.20 an ounce Wednesday on the New York Mercantile Exchange, after earlier hitting a new 18-month high of $1,023.30.
Average hotel room price drops 17 pct in first half of 2009, according to Hotels.com IndexSeptember 14th, 2009 Average hotel room price drops 17 pct in 1H of '09LONDON — The average price of a hotel room worldwide dropped 17 percent in the first six months of 2009 over last year, according to a Hotels.com Hotel Price Index. The drop in the average was driven by drops on all continents.
Gold cools off after hitting 6-month high; prices still hover near $1,000September 4th, 2009 Gold prices dip after hitting 6-month highNEW YORK — Gold prices cooled off Friday, losing $1 after surging to a six-month high the day before. Gold for December delivery finished the week at $996.70 an ounce on the New York Mercantile Exchange, up 4 percent over five days.
Gold, silver buoyed by weaker dollar; Oil prices fall sharply after recent surgeAugust 25th, 2009 Metals mixed as dollar falls; Oil drops sharplyNEW YORK — A weaker dollar helped lift gold and other precious metals Tuesday, but industrial metals and oil prices slumped. Gold for December delivery rose $2.30 to $946 an ounce on the New York Mercantile Exchange, recouping some of the previous day's losses as the dollar dipped against other currencies.
Consumer sentiment improves more than expected; Home prices post 1st increase in 3 yearsAugust 25th, 2009 Consumer sentiment improves; Home prices riseWASHINGTON — Consumer sentiment rose more than expected in August, and home prices in a closely watched index posted their first quarterly increase in three years, more signs that the economy is on the rebound. The New York-based Conference Board says its Consumer Confidence index rose to 54.1 from an upwardly revised 47.4 in July.
Gold prices drop 2 percent as dollar gains ground against other currenciesJune 3rd, 2009 Gold prices fall sharply as dollar reboundsNEW YORK — Gold prices have fallen sharply as the dollar rebounds against the euro and the British pound. The dollar's gains come ahead of Thursday's interest rate decisions from the European Central Bank and the Bank of England.
Gold, other commodities move higher, buoyed by falling dollar, rising stocksMay 8th, 2009 Gold moves higher as dollar falls, stocks rallyNEW YORK — Gold prices and other commodities are higher, buoyed by a falling dollar and an increasingly upbeat outlook on the economy. Positive news about banks' balance sheets has driven investors into stocks and other more risky assets and away from the dollar, which is considered a safe haven.
Gold prices inch higher as dollar shows more weakness, stocks retreatMay 8th, 2009 Gold prices inch higher as dollar weakensNEW YORK — Gold prices are slightly higher as the dollar shows more weakness and stocks tumble on Wall Street. Energy and agriculture futures are also slightly higher.
Gold prices slide to nearly 3 percent loss for the week amid increasing optimism about economyMay 2nd, 2009 Gold prices slide as safe-haven demand withersNEW YORK — Gold prices are lower amid increasing optimism about the economy. Other commodities, like oil and silver, are posting gains.
Loading ...