Gold climbed to a new seven-month high on Thursday while oil continued downward for a fifth straight day and reached a two-month low. New York gold futures rose 0.5 percent. Silver and platinum declined slightly by 0.1 percent and 0.3 percent, respectively.
March crude-oil declined $1.96, or 5.5 percent. It ended the day at $33.98 a barrel to mark its lowest level since Dec. 19.
The average price for regular unleaded gasoline increased 1.2 cents for the second straight session, rising to $1.952 a gallon, according to AAA.
March silver lost a cent to close to $13.51 an ounce.
April platinum slipped $2.80 to $1,077.90 an ounce
Gold for February increased $4.70 to end at $948.50 an ounce.
"This is a dangerous and volatile time in the economy, and people remain scared and unsure of what to do with their money," Ron Goodis, a retail trading director at Equidex Brokerage Group Inc. in Closter, New Jersey, was quoted on Bloomberg.com. "Gold is perceived as a safe haven and should continue to be an attractive alternative to almost anything else."
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 spot trading, the London afternoon gold-fixing price — a benchmark for gold traded directly between big institutions — stood at $943.25 an ounce. London silver and platinum were at $13.34 and $1,067.00, respectively.
In bullion coin related news, the US Mint launched 2009 Lincoln Silver Coins Thursday to celebrate the 200th anniversary of Abraham Lincoln’s birth. New sales figures for U.S. Ultra-high Relief $20 Double Eagles were also reported that show 45,420 of the coins have been sold since their release on Jan. 22.
Check out CoinNews market resources at Live Bullion Spots, the Silver Coin Calculator, U.S. Mint Collector Bullion Coin Price Guide, and the US Inflation Calculator.
