Little change for precious metals

Prices manage a positive end as dollar pares most of its gains
Precious metal prices ended slightly higher on Thursday, 19 November, 2009. Prices rose as the dollar continued to stay weak despite paring earlier losses. Prices also rose riding on back of economic data.
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, gold for December delivery ended at $1,141.9, higher by $0.70 (0.06%) an ounce on the New York Mercantile Exchange. Yesterday, during intra day trading, it hit a high of $1153.4. This was an all time high prices marked by the yellow metal. Last week, gold ended higher by 2%. Year to date, gold prices are higher by almost 30%.
On Thursday, December Comex silver futures ended higher by 4.5 cent (0.2%) $18.455 an ounce.
In the currency market on Thursday, the dollar continued to remain at its weak levels. The dollar index, which measures the strength of dollar against basket of six other currencies, rose by almost 0.2% paring majority of its earlier gains.
The Labor Department in US reported on Thursday, 19 November that the number of people filing initial claims for state unemployment benefits was flat at a seasonally adjusted 505,000 in the week ended 14 November. Initial claims are at the lowest level since early January, but they have hovered above 500,000 for 53 straight weeks, contributing to a 26-year high in the U.S. unemployment rate at 10.2%.
The Conference Board in US reported on Thursday, 19 November, 2009 that the index of leading economic indicators rose for the seventh consecutive month in October, showing that a recovery is "unfolding" in the U.S. economy. The leading indicators rose 0.3% in October after a 1% gain in September.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
At the MCX, gold prices for December delivery closed higher by Rs 126 (0.73%) at Rs 17,231 per ten grams. Prices rose to a high of Rs 17,243 per 10 grams and fell to a low of Rs 17,085 per 10 grams during the day's trading.
At the MCX, silver prices for December delivery closed Rs 85 (0.3%) higher at Rs 28,312/Kg. Prices opened at Rs 28,200/kg and rose to a high of Rs 28,436/Kg during the day's trading.