Precious Metals Gain in Response to Weakness In Stocks and Dollar, Initial Rise in Oil Prices
NEW YORK -- Precious metals futures prices rose on buying triggered by declines in the stock market and the dollar.</br></br>Strength in the crude oil market early in the day and a higher Commodities Research Bureau index, both of which have inflationary implications, also boosted precious metals, analysts said.</br></br>Gold for December delivery advanced $6 an ounce to $382.90, December silver was up 10.2 cents an ounce to $5.29, and January platinum rose $6.10 an ounce to $498.70.</br></br>"The lower stock market was the primary factor," said John Norris, director of precious metals trading at Citibank in New York.</br></br>Some traders initially were staying on the sidelines to await the U.S. employment report to be released this morning, Mr. Norris said. "Then when the stock market started to soften, they all seemed to come in at the same time, causing prices to surge."