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Tuesday, July 28, 2009

Precious metals end marginally higher

Gold and silver witness little gains after volatile trading

Precious metal prices ended little higher on Monday, 27 July, 2009. It was a day of volatile trading for precious metals as prices swung between gains and losses. The dollar managed to gain back some of its lost ground.

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 Monday, gold for August delivery ended at $953.5, higher by $0.40 (0.04%) an ounce on the New York Mercantile Exchange. Last week, gold ended higher by 1.6%. Year to date, gold prices are higher by 7.44%.

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 (10%) since then.

On Monday, Comex silver futures for September delivery rose 11.5 cents (0.9%) at $13.99 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 23.5% this year. For 2008, silver had lost 24%.

In the currency market on Monday, the dollar index, a six-currency gauge of the greenback's value, gained back some of its lost ground and rose mildly higher.

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 41 (0.27%) at Rs 14,941 per 10 grams. Prices rose to a high of Rs 14,972 per 10 grams and fell to a low of Rs 14,897 per 10 grams during the day's trading.

At the MCX, silver prices for September delivery closed Rs 200 (0.88%) higher at Rs 22,727/Kg. Prices opened at Rs 22,550/kg and rose to a high of Rs 22,820/Kg during the day's trading.

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