Strong dollar pushed precious metals lower
The strong dollar pushed bullion metals lower on Monday, 09 March, 2009. Prices fell after two days of consecutive rise last week.
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, Comex Gold for April delivery fell $24.7 (2.6%) to close at $918 an ounce on the New York Mercantile Exchange. Last week, the yellow metal remained almost unchanged. For the month of February, gold ended higher by 7.4%. For January, 2009, gold had gained 3.9%. Year to date, gold prices are higher by 3.8%.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (8.9%) since then.
On Monday, Comex silver futures for March delivery rose 38.3 cents (2.8%) to end at $12.95 an ounce. Last week, silver rose 1.7%. In February, 2009, silver had rose 4.3% after climbing 14% in January. Year to date, silver has climbed 17.5% this year. For 2008, silver had lost 24%.
In the currency market on Monday, the dollar rose against most of its rivals. The dollar index, which measured the strength of the dollar against its six counterparts, rose 0.2% today.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
The strong dollar pushed bullion metals lower on Monday, 09 March, 2009. Prices fell after two days of consecutive rise last week.
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, Comex Gold for April delivery fell $24.7 (2.6%) to close at $918 an ounce on the New York Mercantile Exchange. Last week, the yellow metal remained almost unchanged. For the month of February, gold ended higher by 7.4%. For January, 2009, gold had gained 3.9%. Year to date, gold prices are higher by 3.8%.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (8.9%) since then.
On Monday, Comex silver futures for March delivery rose 38.3 cents (2.8%) to end at $12.95 an ounce. Last week, silver rose 1.7%. In February, 2009, silver had rose 4.3% after climbing 14% in January. Year to date, silver has climbed 17.5% this year. For 2008, silver had lost 24%.
In the currency market on Monday, the dollar rose against most of its rivals. The dollar index, which measured the strength of the dollar against its six counterparts, rose 0.2% today.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
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