Precious metals registered modest gains at USA on Tuesday, 23 June, 2009. The weak dollar increased the appeal of precious metals as a hedge against inflation thereby pulling their prices up. 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 $924.3, higher by $3.3 (0.3%) an ounce on the New York Mercantile Exchange.
During intra day trading, it earlier rose as high as $927.30 and dropped to a low of $913.20. Last week, gold ended lower by 0.5%. Year to date, gold prices are higher by 6.5%.
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 14 cents (1%) at $13.85 an ounce. Last week, silver ended lower by 4.5%.
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 26.7% this year. For 2008, silver had lost 24%.
In the currency market on Tuesday, the dollar index, which measures the strength of the dollar against a basket of six other currencies, fell as much as 1.3%.
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 lower by Rs 23 (0.15%) at Rs 14,485 per 10 grams. Prices rose to a high of Rs 14,510 per 10 grams and fell to a low of Rs 14,410 per 10 grams during the day's trading.
At the MCX, silver prices for July delivery closed Rs 35 (0.15%) higher at Rs 22,297/Kg. Prices opened at Rs 22,215/kg and fell to a low of Rs 22,074/Kg during the day's trading.
On Tuesday, gold for August delivery ended at $924.3, higher by $3.3 (0.3%) an ounce on the New York Mercantile Exchange.
During intra day trading, it earlier rose as high as $927.30 and dropped to a low of $913.20. Last week, gold ended lower by 0.5%. Year to date, gold prices are higher by 6.5%.
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 14 cents (1%) at $13.85 an ounce. Last week, silver ended lower by 4.5%.
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 26.7% this year. For 2008, silver had lost 24%.
In the currency market on Tuesday, the dollar index, which measures the strength of the dollar against a basket of six other currencies, fell as much as 1.3%.
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 lower by Rs 23 (0.15%) at Rs 14,485 per 10 grams. Prices rose to a high of Rs 14,510 per 10 grams and fell to a low of Rs 14,410 per 10 grams during the day's trading.
At the MCX, silver prices for July delivery closed Rs 35 (0.15%) higher at Rs 22,297/Kg. Prices opened at Rs 22,215/kg and fell to a low of Rs 22,074/Kg during the day's trading.
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