A rising U.S. dollar and tumbling oil prices again pressured gold downward Thursday. New York silver, gold and platinum futures fell 0.3 percent, 0.2 percent and 1.5 percent, respectively.
February crude-oil lost $1.88, or 5.0 percent, to close to $35.40 a barrel. Oil has been down in seven of the last eight trading sessions.
However, gasoline prices did not follow crude. The average price for regular unleaded gasoline increased seven-tenths of a cent to $1.798 a gallon, according to AAA.
March silver dropped 4 cents to close at $10.44 an ounce.
April platinum continues to slide, falling $13.60 to $922.20 an ounce.
Gold for February declined $1.50 to settle at $807.30 an ounce.
"Gold experienced a day full of price jitters, fits, and starts in New York today, as players digested the near-term market fallout from the ECB rate cut and the state of the US economy. The US dollar, crude oil, and commodities had an active yet quite schizophrenic kind of trading session," said senior analyst Jon Nadler at Kitco Bullion Dealers.
The European Central Bank (ECB) cut its key interest rate Thursday by a half-percent to 2 percent, hoping to stimulate economies.
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.
In collector bullion coin news on Thursday, the latest gold, platinum and silver coin sales figures have been released and show some interesting changes. Also, the US Mint announced is new pricing policy and reduced gold coin prices.
Check out CoinNews market resources at Live Gold Spots, the Silver Coin Calculator, U.S. Mint Collector Bullion Coin Prices, and the Inflation Calculator.
