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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Thursday, June 4, 2009
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Gold, Silver Climb as Dollar Falls
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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