Precious metal ended little lower on Thursday, 18 June, 2009. Encouraging batch of economic reports hinting at a possible recovery of the US economy in the near term decreased the appeal of precious metals as a hedge against inflation. 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 Thursday, gold for August delivery ended at $934.5, lower by $1.4 (0.1%) an ounce on the New York Mercantile Exchange. Last week, gold ended higher by 2.3%. Year to date, gold prices are higher by 8%.
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 Thursday, Comex silver futures for July delivery fell 4 cents (0.3%) at $14.24 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 29.5% this year. For 2008, silver had lost 24%.
The Labor Department reported on Thursday, 18 June, 2009 that continuing U.S. jobless claims took a big drop in the latest week that ended on 6 June, 2009, in a sign that fewer people are having trouble finding employment.
Continuing claims fell by 148,000 to 6.68 million during the week ended 6 June, the lowest level in about a month. The four-week average of continuing claims rose, however, by 2,250 to 6.75 million.
Separately, the Conference Board said on Thursday that the recession is "losing steam" and a slow U.S. recovery should begin by the end of the year.
The Board announced that the index of leading economic indicators rose 1.2% in May, the second straight increase.
The leading index is up 1.2% in the past six months, the first increase since April 2007. 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 24 (0.16%) at Rs 14,534 per 10 grams.
Prices rose to a high of Rs 14,640 per 10 grams and fell to a low of Rs 14,515 per 10 grams during the day's trading.
At the MCX, silver prices for July delivery closed Rs 19 (0.08%) lower at Rs 22,713/Kg. Prices opened at Rs 22,755/kg and fell to a low of Rs 22,617/Kg during the day's trading.
On Thursday, gold for August delivery ended at $934.5, lower by $1.4 (0.1%) an ounce on the New York Mercantile Exchange. Last week, gold ended higher by 2.3%. Year to date, gold prices are higher by 8%.
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 Thursday, Comex silver futures for July delivery fell 4 cents (0.3%) at $14.24 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 29.5% this year. For 2008, silver had lost 24%.
The Labor Department reported on Thursday, 18 June, 2009 that continuing U.S. jobless claims took a big drop in the latest week that ended on 6 June, 2009, in a sign that fewer people are having trouble finding employment.
Continuing claims fell by 148,000 to 6.68 million during the week ended 6 June, the lowest level in about a month. The four-week average of continuing claims rose, however, by 2,250 to 6.75 million.
Separately, the Conference Board said on Thursday that the recession is "losing steam" and a slow U.S. recovery should begin by the end of the year.
The Board announced that the index of leading economic indicators rose 1.2% in May, the second straight increase.
The leading index is up 1.2% in the past six months, the first increase since April 2007. 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 24 (0.16%) at Rs 14,534 per 10 grams.
Prices rose to a high of Rs 14,640 per 10 grams and fell to a low of Rs 14,515 per 10 grams during the day's trading.
At the MCX, silver prices for July delivery closed Rs 19 (0.08%) lower at Rs 22,713/Kg. Prices opened at Rs 22,755/kg and fell to a low of Rs 22,617/Kg during the day's trading.
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