Bullion metals end mixed

Gold slips after three consecutive runs but silver rises

After surging more than 6% in the previous three sessions, gold prices went down on Friday, 13 February, 2009. Though there was no specific catalyst for the depressed price, substantial increase in price in the previous three days perhaps gave room to traders for some sell-off. Prices had rose to almost seven month high in the previous three sessions.

Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.

On Friday, Comex Gold for February delivery fell $7 (0.7%) to close at $941.5 an ounce on the New York Mercantile Exchange. For the week, gold prices ended up by 3%. For January, 2009, gold had gained 3.9%. Year to date, gold prices are higher by 6.4%.

On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped significantly (13%) since then.

On Friday, Comex silver futures for March delivery rose 11.5 cents (0.9%) to end at $13.625 an ounce. Year to date, silver has climbed 19.9% this year. For 2008, silver had lost 24%.

In the currency market on Friday, the dollar index ended lower by 0.1%.

In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.