US gold hits record highs on economic uncertainty
posted on
Sep 16, 2010 06:08PM
New Discovery Resulting in a 20KM Mineralized Gold Belt
Thomson Reuters
NEW YORK, Sept 16 (Reuters) - U.S. gold futures hit a
record high at above $1,270 an ounce on Thursday for the second
time this week, as choppy currency markets and doubts about
economic recovery prompted investors to buy the metal.
* For the latest detailed report, click on [GOL/].
GOLD
* COMEX December gold futures settled up $5.10 at
$1,273.80 an ounce on the COMEX division of the NYMEX.
* Ranged from $1,266.10 to $1,279.50 per ounce -- an
all-time high.
* Gold benefited from a drop in U.K. retail sales, weaker
U.S. Philly factory index, and as U.S. sharpened tone on
Chinese currency added volatility to the FX market - Peter
Buchanan at CIBC World Markets. [ID:nLDE68F0RH] [ID:nN16256269]
[ID:nN16269571]
* A potential trigger for further gold gains could come
from the U.S. Federal Reserve, which meets on Sept. 21 and
could announce further quantitative easing (QE) - analysts.
* Still, gold was sharply below its inflation-adjusted
all-time high at above $2,200 an ounce.
(Graphic:
$1,265.65 an ounce.
* London afternoon gold fix at $1,272.50 an
ounce.
SILVER
* COMEX December silver finished up 20 cents at
$20.771 an ounce as gold's rally triggered strong investment
demand.
* Ranged from $20.475 to $20.845 an ounce - highest since
March 2008.
* Since Aug. 24, silver has rallied nearly 18 percent,
outperforming gold's 10 percent rise over the same period,
Reuters data showed.
* Silver's gains were driven by solid coin buying, and
industrial demand from the electronics and solar panels sectors
- Michael Daly at futures broker PFGBest.
* The gold-to-silver ratio -- which shows how much silver
an ounce of gold can buy -- fell to just above 60, its lowest
since January.
* COMEX estimated final volume at 26,855 lots.
* Spot silver was at $20.77 in late New York
dealings, against $20.49 in the previous session.
* London silver was fixed at $20.76 an ounce.
PLATINUM
* NYMEX October platinum ended up $6.60 at $1,611.90
an ounce on broad metals' gains - traders.
* Spot platinum at $1,606 an ounce.
PALLADIUM
* NYMEX December palladium closed down $10.25, or
1.8 percent, at $549.35 an ounce as investor took profits.
* Spot palladium at $548.50 an ounce.
Prices at 4:38 p.m. EDT (2038 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US gold 1273.80 5.10 0.4% 16.2%
US silver 20.745 0.203 0.0% 23.2%
US platinum 1611.90 6.60 0.4% 9.6%
US palladium 546.95 -10.20 -1.8% 33.8%
Gold 1274.05 8.40 0.7% 16.2%
Silver 20.77 0.28 1.4% 23.3%
Platinum 1606.00 1.50 0.1% 9.6%
Palladium 548.50 -5.28 -1.0% 35.3%
Gold Fix 1272.50 1.25 0.1% 15.3%
Silver Fix 20.76 32.00 1.6% 22.2%
Platinum Fix 1602.00 7.00 0.4% 9.3%
Palladium Fix 554.00 3.00 0.5% 37.8%
(Reporting by Frank Tang; Editing by Lisa Shumaker)