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Bullion & Business Monthly Report – January, 2010

January 30, 2010 by · Leave a Comment 

Weekend Recap: Silver, Gold and Platinum Prices; Business Week News Bullion prices fell this week, with gold and silver marking a second consecutive monthly decline in both New York and London. Gold’s fall has been driven significantly by a rising US dollar, which has climbed 2 percent against other world currencies in January. The yellow metal normally moves in the opposite direction of the greenback.

New York crude oil tumbled for a third straight week, and prices have plunged more than 8 percent this month. The dollar’s strength has also been a factor in oil’s negative direction, along with concerns over future demand.

US and European stocks stocks ended lower for the week and the month. The major US indexes fell between 3.5 and 5.4 percent in January.

For London Fix January bullion prices, gold fell 2.3 percent, silver declined 4.1 percent and platinum ended down 3.1 percent.

Gold on Friday was fixed at $1,078.50 an ounce, falling $5.50 or 0.5 percent for the week. Silver ended at $16.29 an ounce, for a weekly loss of 99 cents or 5.7 percent. Platinum was settled at $1,512.00 an ounce, losing $28.00 or 1.8 percent since last Friday.

For New York metals monthly prices for January, gold declined 1.1 percent, silver lost 3.9 percent and platinum retreated 3.2 percent.

Gold for April delivery ended at $1,083.80 for a weekly loss of $5.90 or 0.5 percent. Silver futures for March delivery ended at $16.190 an ounce, falling 74 cents or 4.4 percent on the week. Platinum for April delivery closed to $1,506.00, losing $38.50 or 2.5 percent.

Read the rest of Bullion & Business Monthly Report – January, 2010 (1,293 words)

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