U.S. gold rallies to record for 5th session
posted on
Sep 22, 2010 06:21PM
Thomson Reuters
NEW YORK, Sept 22 (Reuters) - U.S. gold futures rallied to
record highs for a fifth straight session on Wednesday, rising
toward $1,300 an ounce, after the Federal Reserve raised
expectations of further monetary easing.
* For the latest detailed report, click on [GOL/].
GOLD
* COMEX December gold futures settled up $17.80, or
1.4 percent, at $1,292.10 an ounce on the COMEX division of the
NYMEX.
* Ranged from $1,287.50 to $1,298 -- an all-time high.
* Gold benefited as the dollar fell broadly against major
currencies after Tuesday's Fed statement signaled its readiness
to pump billions of dollars into the economy through purchases
of government debt, a process known as quantitative easing.
* Gold rallied on concern that the dollar could head into
an extended period of weakness, which often boosts bullion -
Frank McGhee at Integrated Brokerage Services.
* The inverse gold/dollar correlation has been shaky this
year, but Reuters data showed it has strengthened to a negative
0.8 in the past five days from 0.3 for the past 25 days.
* COMEX final gold volume at a 118,744 lots, about 13
percent above its 30-day average, preliminary Reuters data
showed.
* Spot gold was at $1,290 an ounce by 2:35 p.m. EDT
(1835 GMT), up from the previous session's last trade at
$1,285.90 an ounce.
* London afternoon gold fix at $1,293.50 an
ounce.
SILVER
* COMEX December silver ended up 41.5 cents, or 2
percent, at $21.055 an ounce on gold's coattails.
* Ranged from $20.930 to $21.200 an ounce.
* COMEX estimated final volume at 33,499 lots.
* Spot silver was at $21.09 in late New York
dealings, against $20.93 in the previous session.
* London silver was fixed at $21.08 an ounce.
PLATINUM
* NYMEX October platinum finished up $20.50, or 1.3
percent, to finish at $1,632.90 an ounce, rebounding from the
previous session's decline - traders.
* Spot platinum at $1,627.50 an ounce.
PALLADIUM
* NYMEX December palladium closed up $11.85, or 2.2
percent, at $541.90 an ounce on broad-based precious metals'
gain.
* Spot palladium at $541 an ounce.
Prices at 2:38 p.m. EDT (1838 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US gold 1292.10 17.80 1.4% 17.9%
US silver 21.036 0.416 0.0% 24.9%
US platinum 1632.90 20.50 1.3% 11.0%
US palladium 539.65 11.85 2.2% 32.0%
Gold 1290.65 4.75 0.4% 17.7%
Silver 21.10 0.17 0.8% 25.3%
Platinum 1628.50 8.00 0.5% 11.1%
Palladium 542.50 16.00 3.0% 33.8%
Gold Fix 1293.50 1.75 0.1% 17.2%
Silver Fix 21.08 32.00 1.5% 24.1%
Platinum Fix 1632.00 4.00 0.2% 11.3%
Palladium Fix 543.00 6.00 1.1% 35.1%
(Reporting by Frank Tang; Editing by Walter Bagley)