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Monday, July 27, 2009

Precious metals witness mixed end

Gold drops trimming weekly gains but silver shines

Precious metal prices ended mixed on Friday, 24 July, 2009. Gold prices ended lower for the day while silver rose. The dollar remained relatively steady against its counterparts.

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 Friday, gold for August delivery ended at $953.1, lower by $1.7 (0.2%) an ounce on the New York Mercantile Exchange. For the week, gold ended higher by 1.6%. Year to date, gold prices are higher by 7.4%.

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 Friday, Comex silver futures for September delivery rose 11 cents (0.8%) at $13.88 an ounce. For the 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 22.6% this year. For 2008, silver had lost 24%.

In the currency market on Friday, the dollar index, a six-currency gauge of the greenback's value, rose mildly higher.

In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.

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