Precious metal prices rose from their three week low levels on Tuesday, 16 June, 2009. They rose as the dollar weakened in the wake of producer price index report in the US. Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Tuesday, gold for August delivery ended at $932.2, higher by $4.7 (0.5%) an ounce on the New York Mercantile Exchange. Last week, gold ended higher by 2.3%. Year to date, gold prices are higher by 7.6%.
Gold had ended the month of May higher by 9.8%. It was the highest monthly gain registered by gold in six months. Before this, gold had suffered losses in prior two months.
For the month of April and March, 2009, gold had lost 3.7% and 2.1% respectively. But the metal gained 4.3% in the first quarter of this year.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (10%) since then.
On Tuesday, Comex silver futures for July delivery rose 10 cents (0.7%) at $14.13 an ounce. Last week, silver ended lower by 3.3%. For the month of May, silver gained 26.6%.
It was the biggest monthly gain for silver in more than two decades. Year to date, silver has climbed 28.7% this year. For 2008, silver had lost 24%.
In the currency market on Tuesday, the dollar index, which weighs the strength of dollar against the basket of six other currencies, slipped today.
The dollar fell against the euro and the Japanese yen after the Labor Department reported the producer price index, tracking inflation at the wholesale level, rose less in May than had been expected.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
At the MCX, gold prices for August delivery closed higher by Rs 37 (0.25%) at Rs 14,440 per 10 grams.
Prices rose to a high of Rs 14,498 per 10 grams and fell to a low of Rs 14,406 per 10 grams during the day's trading.
At the MCX, silver prices for July delivery closed Rs 45 (0.2%) higher at Rs 22,569/Kg. Prices opened at Rs 22,579/kg and rose to a high of Rs 22,837/Kg during the day's trading.
On Tuesday, gold for August delivery ended at $932.2, higher by $4.7 (0.5%) an ounce on the New York Mercantile Exchange. Last week, gold ended higher by 2.3%. Year to date, gold prices are higher by 7.6%.
Gold had ended the month of May higher by 9.8%. It was the highest monthly gain registered by gold in six months. Before this, gold had suffered losses in prior two months.
For the month of April and March, 2009, gold had lost 3.7% and 2.1% respectively. But the metal gained 4.3% in the first quarter of this year.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (10%) since then.
On Tuesday, Comex silver futures for July delivery rose 10 cents (0.7%) at $14.13 an ounce. Last week, silver ended lower by 3.3%. For the month of May, silver gained 26.6%.
It was the biggest monthly gain for silver in more than two decades. Year to date, silver has climbed 28.7% this year. For 2008, silver had lost 24%.
In the currency market on Tuesday, the dollar index, which weighs the strength of dollar against the basket of six other currencies, slipped today.
The dollar fell against the euro and the Japanese yen after the Labor Department reported the producer price index, tracking inflation at the wholesale level, rose less in May than had been expected.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
At the MCX, gold prices for August delivery closed higher by Rs 37 (0.25%) at Rs 14,440 per 10 grams.
Prices rose to a high of Rs 14,498 per 10 grams and fell to a low of Rs 14,406 per 10 grams during the day's trading.
At the MCX, silver prices for July delivery closed Rs 45 (0.2%) higher at Rs 22,569/Kg. Prices opened at Rs 22,579/kg and rose to a high of Rs 22,837/Kg during the day's trading.
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