Precious metal prices fell on Wednesday, 29 July, 2009. The strong dollar was mainly responsible for this. 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 Wednesday, gold for August delivery ended at $927.2, lower by $11.9 (1.3%) an ounce on the New York Mercantile Exchange. Last week, gold ended higher by 1.6%. Year to date, gold prices are higher by 4.7%.
For the month of June, 2009, gold ended down by 5.4%. Gold had ended the month of May higher by 9.8%.
It was the highest monthly gain registered by gold in six months. For the second quarter, gold ended higher by 0.5%. The metal had 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 (11.5%) since then.
On Wednesday, Comex silver futures for September delivery lost 48 cents (3.5%) at $13.26 an ounce. Last week, silver ended higher by 3.5%.
Silver ended 13% down for the month of June, 2009. For the month of May, silver gained 26.6%. It was the biggest monthly gain for silver in more than two decades.
For second quarter, silver rose 4.5%. Year to date, silver has climbed 18.2% this year. For 2008, silver had lost 24%.
In the currency market on Wednesday, the dollar index, a six-currency gauge of the greenback's value, rose by more than 0.7%.
The euro fell by more than 1% against the dollar. 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 90 (0.6%) at Rs 14,651 per 10 grams.
Prices rose to a high of Rs 14,750 per 10 grams and fell to a low of Rs 14,618 per 10 grams during the day's trading.
At the MCX, silver prices for September delivery closed Rs 517 (2.3%) lower at Rs 21,879/Kg. Prices opened at Rs 22,336/kg and fell to a low of Rs 21,758/Kg during the day's trading.
On Wednesday, gold for August delivery ended at $927.2, lower by $11.9 (1.3%) an ounce on the New York Mercantile Exchange. Last week, gold ended higher by 1.6%. Year to date, gold prices are higher by 4.7%.
For the month of June, 2009, gold ended down by 5.4%. Gold had ended the month of May higher by 9.8%.
It was the highest monthly gain registered by gold in six months. For the second quarter, gold ended higher by 0.5%. The metal had 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 (11.5%) since then.
On Wednesday, Comex silver futures for September delivery lost 48 cents (3.5%) at $13.26 an ounce. Last week, silver ended higher by 3.5%.
Silver ended 13% down for the month of June, 2009. For the month of May, silver gained 26.6%. It was the biggest monthly gain for silver in more than two decades.
For second quarter, silver rose 4.5%. Year to date, silver has climbed 18.2% this year. For 2008, silver had lost 24%.
In the currency market on Wednesday, the dollar index, a six-currency gauge of the greenback's value, rose by more than 0.7%.
The euro fell by more than 1% against the dollar. 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 90 (0.6%) at Rs 14,651 per 10 grams.
Prices rose to a high of Rs 14,750 per 10 grams and fell to a low of Rs 14,618 per 10 grams during the day's trading.
At the MCX, silver prices for September delivery closed Rs 517 (2.3%) lower at Rs 21,879/Kg. Prices opened at Rs 22,336/kg and fell to a low of Rs 21,758/Kg during the day's trading.
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