Precious metals moved lower Wednesday as the U.S. dollar showed strength, and despite rising oil. New York silver, gold and platinum futures fell 0.5 percent, 1.2 percent and 0.2 percent, respectively.
January crude-oil recovered from Tuesday’s losses, gaining $3.67, or 7.2 percent, to close to $54.44 a barrel. The average price for unleaded gasoline declined yet another 2 cents to $1.868 a gallon, according to AAA.
December silver declined 5 cents to close to 10.22 an ounce.
January platinum fell $1.90 to settle at $869.70 an ounce.
Gold for December lost $10 to close to $808.50 an ounce.
"Gold prices maintained their downward bias throughout the pre-holiday session and settled into a lackluster afternoon as traders cleaned workstations and prepared to head home," said senior analyst Jon Nadler at Kitco Bullion Dealers.
“A decent rally in oil prices ahead of the holiday was unable to lend much support to gold at this juncture. The dollar kept on the offensive, rising 0.68 on the index, to 85.65,” added Nadler.
Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies. When prices are falling and economic activities are shrinking, gold prices tend to move lower.
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