Gold surges above $1355, silver hits 30-year high
Friday, 5 November 2010
SINGAPORE, Nov 4 (Commodity Online): Gold surged more than one per cent while silver advanced to a 30-year high Thursday as the dollar dropped on Fed move to buy US government debt.
December gold was seen trading at $1,355.50 an ounce at 12.00 noon Singapore time after tapping a high of $1,356.50 in early trade.
Immediate-delivery silver increased as much as 1.2 per cent to $25.1575 an ounce, the costliest since 1980, and traded at $25.0750 on the same time.
Spot palladium gained 1.4 per cent to $655 an ounce and platinum for immediate delivery rose 0.6 per cent to $1,715.75 an ounce.
The Fed plans to buy up to $600 billion in long-term Treasuries until the end of June 2011.
The greenback was on the back foot Thursday after the Fed move, hovering near its 2010 low against a basket of currencies and a 28-year trough against the Australian dollar.
On Wednesday, most active gold contract for December delivery plunged $19. 3 or 1.4 per cent, to finish at $1,337.6 per ounce.
December silver lost 40 cents, or 1.6 per cent, to $24.436. January platinum slashed $21.9, or 1.3 per cent, to $1, 697.2 per ounce.
Gold assets in exchange-traded products fell for a 14th day Wednesdays. Holdings decreased 0.9 metric ton to 2,085.60 tons as of Nov 3 from Tuesday.
December gold was seen trading at $1,355.50 an ounce at 12.00 noon Singapore time after tapping a high of $1,356.50 in early trade.
Immediate-delivery silver increased as much as 1.2 per cent to $25.1575 an ounce, the costliest since 1980, and traded at $25.0750 on the same time.
Spot palladium gained 1.4 per cent to $655 an ounce and platinum for immediate delivery rose 0.6 per cent to $1,715.75 an ounce.
The Fed plans to buy up to $600 billion in long-term Treasuries until the end of June 2011.
The greenback was on the back foot Thursday after the Fed move, hovering near its 2010 low against a basket of currencies and a 28-year trough against the Australian dollar.
On Wednesday, most active gold contract for December delivery plunged $19. 3 or 1.4 per cent, to finish at $1,337.6 per ounce.
December silver lost 40 cents, or 1.6 per cent, to $24.436. January platinum slashed $21.9, or 1.3 per cent, to $1, 697.2 per ounce.
Gold assets in exchange-traded products fell for a 14th day Wednesdays. Holdings decreased 0.9 metric ton to 2,085.60 tons as of Nov 3 from Tuesday.