Gold Jumps Platinum Surges Silver flies Dollar slides Inflation to the roof

Gold Jumps on Dollar Slide, Inflation Concern; Platinum Surges

By Halia Pavliva

June 4 (Bloomberg) -- Gold prices rose on speculation that the slumping dollar will spur inflation, boosting the appeal of precious metals as a hedge. Platinum surged more than $55 an ounce to the highest since September.

In May, the dollar fell 6.4 percent against a basket of major currencies, the biggest drop in 24 years. The greenback resumed its decline today, sending commodities higher. The Reuters/Jefferies CRB Index of 19 raw materials rose as much as 2.1 percent.

“Gold is rising on demand for a safe harbor,” said Philip Gotthelf, the president of Equidex Brokerage Group in Closter, New Jersey. “We still have considerable uncertainty about the dollar.”

Gold futures for August delivery rose $16.70, or 1.7 percent, to $982.30 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, the price reached $992.10, the highest for a most-active contract since Feb. 24.

Platinum futures for July delivery jumped $48.80, or 3.9 percent, to $1,293.30 an ounce on the Nymex. Earlier, the price reached $1,301.90, the highest since Sept. 9.

Platinum climbed for the seventh straight session, the longest rally since January. Holdings in ETF Securities Ltd.’s exchange-traded fund backed by the metal have jumped 74 percent this year.

Silver futures for July delivery gained 58.5 cents, or 3.8 percent, to $15.895 an ounce on the Comex.

This year, silver has jumped 41 percent, platinum is up 37 percent and gold has gained 11 percent.

‘Fears of Inflation’

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Gold and Silver prices skyrocket as Dollar Falls

Gold and Silver Market
By Jason Scott
June 4 (Bloomberg) -- Gold advanced, paring the biggest decline in almost two months yesterday, as a drop in the dollar increased demand for the metal as an alternative investment. Silver was little changed.
Bullion rose as much as 0.6 percent as a recovery in the currency stalled. The U.S. Dollar Index, a six-currency gauge of the greenback’s value, gained 1.4 percent yesterday, the biggest jump in more than four months. Gold typically moves in the opposite direction to the dollar.
“The U.S. dollar has just dropped a little bit today, but nothing too significant, and the Gold price has risen in reflection of that,” Jamie Spiteri, head dealer at Shaw Stockbroking Ltd. in Sydney, said by phone.
Gold for immediate delivery advanced 0.4 percent to $966.61 an ounce at 1:21 p.m. in Singapore, trading between $961.92 and $968.85. The metal declined 1.9 percent yesterday, the largest drop since April 6.
“I suspect that today it will hover at around that $965 level,” Spiteri said. “I can’t see it reaching $1,000 this week, but it’s not too far away,” he said.
Silver for immediate delivery was little changed at $15.3325 an ounce after tumbling 3.9 percent yesterday.
The U.S. Dollar Index fell as much as 0.3 percent to 79.288 today before trading at 79.534 by 1:01 p.m. in Singapore. The index gained 1.4 percent yesterday, the most since Jan. 20, after touching 78.334 on June 2, the lowest since Dec. 18.

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Gold, Silver Climb as Dollar Falls

The Wall Street Journal
June 2, 2009

Gold and silver futures bounced from overnight weakness Tuesday in response to a softer U.S. dollar, although the metals also ran into bouts of profit-taking.

August gold rose $4.40 to $984.40 an ounce on the Comex division of the New York Mercantile Exchange. July silver rose 22 cents to $15.955 and peaked at $16.02, its strongest level since August.

“Overnight, you had some profit-taking across the board in commodities,” said Bob Haberkorn, Lind-Waldock senior market strategist. “People were anticipating dollar strength on [Treasury Secretary Timothy] Geithner’s comments in China.

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