Gold loses some shine but silver adds
Yellow metal prices ended lower on Thursday, 02 April, 2009. Prices fell as traders anticipated that steps being taken at current G 20 summit in London will help the world overcome the recession thereby decreasing the appeal of the precious metal.
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 Thursday, Comex Gold for April delivery fell $18.7 (2%) to close at $907.4 an ounce on the New York Mercantile Exchange. Last week, gold ended lower by 3.5%. Year to date, gold prices are higher by 10.4%.
For the month of March, gold fell 2.1%, down for the first month in five. But the metal gained 4.3% in the first quarter. Before March, for the month of February, gold ended higher by 7.4%. For January, 2009, gold had gained 3.9%.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (7.9%) since then.
In its latest move, G20 leaders agreed to provide a total of $1 trillion in resources for the IMF and other international institutions in an effort to confront the global economic downturn. The total fiscal stimulus will amount to $5 trillion. The G20 also agreed on the formation of a financial stability board and to move to limit pay and bonuses in the banking sector.
On Thursday, Comex silver futures for May delivery gained 5 cents to end at $13.025 an ounce. In February, 2009, silver had rose 4.3% after climbing 14% in January. Year to date, silver has climbed 21% this year. For 2008, silver had lost 24%.
Yellow metal prices ended lower on Thursday, 02 April, 2009. Prices fell as traders anticipated that steps being taken at current G 20 summit in London will help the world overcome the recession thereby decreasing the appeal of the precious metal.
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 Thursday, Comex Gold for April delivery fell $18.7 (2%) to close at $907.4 an ounce on the New York Mercantile Exchange. Last week, gold ended lower by 3.5%. Year to date, gold prices are higher by 10.4%.
For the month of March, gold fell 2.1%, down for the first month in five. But the metal gained 4.3% in the first quarter. Before March, for the month of February, gold ended higher by 7.4%. For January, 2009, gold had gained 3.9%.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (7.9%) since then.
In its latest move, G20 leaders agreed to provide a total of $1 trillion in resources for the IMF and other international institutions in an effort to confront the global economic downturn. The total fiscal stimulus will amount to $5 trillion. The G20 also agreed on the formation of a financial stability board and to move to limit pay and bonuses in the banking sector.
On Thursday, Comex silver futures for May delivery gained 5 cents to end at $13.025 an ounce. In February, 2009, silver had rose 4.3% after climbing 14% in January. Year to date, silver has climbed 21% this year. For 2008, silver had lost 24%.
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