Gold and silver register good gains for September

Precious metal prices ended higher on Wednesday, 30 September, 2009. Prices rose today following the greenback's weakness and rising crude price.
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 Wednesday, gold for December delivery ended at $1,009.3, higher by $14.9 (1.5%) an ounce on the New York Mercantile Exchange. Earlier during the day, it rose to a high of $1,010.8. Last week, gold ended lower by 1.9%. Year to date, gold prices are higher by 14.5%.
Gold ended September, 2009 higher by 5.9%. For the third quarter it ended higher by 8.7%. Before this, 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 (4%) since then.
On Wednesday, Comex silver futures for December delivery rose 48 cents (3%) to $16.658 an ounce.
Silver ended 11.8% higher for September, 2009. Year to date, silver has climbed 48% this year. For 2008, silver had lost 24%.
In the currency market on Wednesday, Tuesday, the dollar slipped following upbeat economic data. The U.S. dollar remained lower after the government said U.S. real gross domestic product for the second quarter was revised to a decline of 0.7% annualized from the earlier estimate of a 1% drop. The dollar index, which measures the strength of dollar against a basket of other currencies, fell by almost 0.6%.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
At the MCX, gold prices for October delivery closed higher by Rs 146 (0.94%) at Rs 15,668 per 10 grams. Prices rose to a high of Rs 15,679 per 10 grams and fell to a low of Rs 15,513 per 10 grams during the day's trading.
At the MCX, silver prices for December delivery closed Rs 487 (1.9%) higher at Rs 26,486/Kg. Prices opened at Rs 26,085/kg and rose to a high of Rs 26,525/Kg during the day's trading.