Bullion Mall | Gold Bullion, Silver Bullion, Buy Gold and Silver

Bullion News Board - More>>

>> Gold futures jump over $23 to end the week 0.8% higher

Gold futures climbed more than $23 an ounce Friday to end the week with a gain of 0.8%, as a drop in the dollar and a rally in oil to fresh record highs buoyed investment demand for the metal. August gold rose $23.50, or 2.7%, to close at $899 an ounce. That marked the highest one-day dollar gain since February.

>> Gold futures trade flat, as dollar extends gains

Gold futures traded little changed Friday, after two days of sharp losses, as the U.S. dollar rose against other major currencies. Gold for June delivery fell 30 cents to $889.10 an ounce on the New York Mercantile Exchange.

>> Gold futures end little changed, as dollar gains

NEW YORK (MarketWatch) -- Gold futures ended little changed Friday, after two days of sharp losses, as the U.S. dollar made gains against other major currencies. Gold for June delivery ended up 30 cents at $889.70 an ounce on the New York Mercantile Exchange. Gold posted a drop of $25.50 from last Friday's closing level of $912.20 an ounce. "We expect gold to remain vulnerable to further weakness, with a failure to hold above $872 potentially triggering a drop back to $850," said James Moore, an analyst at TheBullionDesk.com, in a research note. On Thursday, gold futures dropped $19.60 an ounce, on the heels of falling by more than $16 on Wednesday. "Some bargain-hunting has provided temporary support, yet there is wariness that any change in Fed rate expectations could mark a broader shift in dollar sentiment, which may have a detrimental effect on commodities as a whole," said analysts at Action Economics.

>> U.S. gold up in morning, girds for $1,000

The sliding U.S dollar lifted New York gold futures to their third consecutive record high early Friday, as traders bet that the historic commodities rally would soon see the precious metal above $1,000 an ounce. New York silver futures, meanwhile, broke the much-anticipated $20 an ounce level. At 11:05 a.m. EST (1605 GMT), the benchmark April gold contract GCJ8 on the COMEX division of the New York Mercantile Exchange was up $5.30, or 0.55 percent, at $972.80 per ounce, "It feels like the momentum is definitely there," said a trader at a bullion trading firm in New York. "One thousand (dollars) is next target everyone is looking at and with the U.S. dollar at an all-time low against a basket of currencies, especially against the euro, it looks like gold could definitely get up to those levels." COMEX's April gold had settled up $6.50 at $967.50 on Thursday, after reaching $974.80, its second record in as many days. Much of the ammunition for the rally came from record lows struck by the dollar against the euro this week. The dollar remained highly vulnerable on Friday, hitting three-year lows against the yen. [USD/] At 10:27 a.m. EST, spot gold XAU=> in New York was quoted at $967.80/968.70, off slightly from Thursday's close of $968.90/969.70. London bullion dealers fixed the morning spot price at $971.50.

>> Gold bounces back to new peak after a dip in India

MUMBAI: Gold prices in India spurt again to new peak of Rs 12415 for per ten gram after a dip today in the bullion market on increased demand by stockists due to positive global reports. Intense buying by stockists following reports that the yellow metal setting a similar trend in Asian markets where gold for future delivery rose to 959 dollars an ounce, while for immediate delivery, it gained 8.04 dollars to reach 956.18 dollar an ounce. Traders said the surge in prices of gold in Asian markets was because of the US dollar fell to an all-time low against the euro on speculation that US Federal Reserve Chairman Ben Bernanke may indicate the central bank is prepared to keep lowering interest rates. Besides, a steep rise in crude to new record level over 101 dollar a barrel and surging stocks markets boosted demand for precious metal as better option for investments, bullion merchants said.

>> U.S. gold sets record high on crude oil, dollar

NEW YORK, Feb 28 (Reuters) - U.S. gold futures jumped nearly 1 percent to scale a record high on Thursday, nearing the historic $1,000 an ounce level due to sharply higher crude oil prices and a weakening dollar. At 11:02 a.m. EST (1602 GMT), the active gold contract for April delivery GCJ8 was up $7.50 to $968.50. Just minutes earlier, it had reached a record peak of $969.30.

>> Gold lower on US support of IMF bullion sale

The price of gold dropped Monday after the US said it will support a limited sale of gold bullion by the International Monetary Fund in order to cover revenue shortfalls. The IMF holds 3,217.3 tonnes of gold, less than only the United States and Germany, and the US will support the sale of around 401 tonnes. Expected buyers include the central banks of China and India. Shortly before the close of floor trade in New York April gold had fallen $7.30 to $940.50 per troy ounce.

>> Canada Dollar Rises on Demand for Commodity-Linked Currencies

(Bloomberg) -- Canada's currency rose the most in a month against its U.S. counterpart on speculation investors' appetite is increasing for currencies tied to commodity exports. Canada's dollar was the top gainer against the U.S. dollar, the euro and the Japanese yen as it advanced amid surging commodity prices. Traders said the increase accelerated as the Canadian dollar neared parity with the U.S. currency, triggering automatic stop-loss orders around C$1.003. ``Fundamentals for the Canadian dollar are still sound,'' said Firas Askari, head of currency trading at BMO Capital Markets in Toronto. The currency's rise initially ``was triggered by strong commodity prices, and then we saw stop-losses providing more momentum. Today's move has caught many by surprise.'' Canada's dollar, known as the loonie after the image of the bird on its one-dollar coin, rose 1.74 percent to 99.52 cents per U.S. dollar at 4:30 p.m. in Toronto from C$1.0128 on Feb. 22. It was the biggest one-day advance since Jan. 24. One Canadian dollar buys $1.0048. It was the first time in 10 days the Canadian currency was worth more than the U.S. dollar.

>> U.S. Backs Plan for IMF to Sell Some Gold Reserves

The U.S. Treasury, in a policy reversal, backed an International Monetary Fund plan to sell some of the lender's $98 billion in gold reserves to help make up for a decline in revenue. ``The United States will help ensure that the IMF has adequate resources to fulfill its vital global mission by seeking authority from Congress for a limited sale of IMF gold,'' David McCormick, the Treasury's undersecretary for international affairs, said in a speech at the Peterson Institute for International Economics in Washington. The Bush administration supports sales of as much as 12.9 million ounces recommended by an advisory group headed by Andrew Crockett, former head of the Bank of International Settlements, to set up a fund to cover anticipated losses at the IMF, McCormick told reporters. Such an endowment ``will provide a basis for sound and sustainable IMF finances,'' McCormick said. The price of gold fell after the announcement that the U.S., the largest IMF shareholder, will go along with plans by IMF Managing Director Dominique Strauss-Kahn. Strauss-Kahn has also proposed eliminating 15 percent of its 2,600 staff and saving $100 million of its $922.3 billion budget to offset dwindling revenue from lending.

>> U.S. Stocks Gain, Led by Energy, Drug Shares; Ambac, MBIA Rise

(Bloomberg) -- U.S. stocks staged their biggest rally this month after Standard & Poor's kept AAA debt ratings for the nation's largest bond insurers, easing concern credit losses will extend the worst earnings slump since 2001. MBIA Inc. and Ambac Financial Group Inc., which rely on their top credit scores to guarantee $1.2 trillion in bonds, led gains in the S&P 500 Index and helped banks and insurers rebound from earlier losses. Exxon Mobil Corp. climbed the most in a month after natural gas prices advanced to a two-year high. Genentech Inc. posted its steepest gain in three years on federal approval to market Avastin for breast cancer. The S&P 500 advanced 18.69 points, or 1.4 percent, to 1,371.8. The Dow Jones Industrial Average rose 189.2, or 1.5 percent, to 12,570.22. The Nasdaq Composite Index added 24.13, or 1.1 percent, to 2,327.48. Almost six stocks climbed for every one that fell on the New York Stock Exchange.