Gold, silver bounce back in Asia

January 07, 2009

Commodity Online
SINGAPORE : Gold and silver prices advanced in Asian trade Wednesday on speculation that the dollar's rally will stall, boosting the appeal of the precious metal as an alternative investment.

Gold futures for February delivery rose $8.20, or 1%, to $866 an ounce at 10.00 a.m Singapore time on the New York Mercantile Exchanges Comex division, after earlier touching $838.80, the lowest in more than a week. The metal rose 5.5% in 2008.

Silver futures for March delivery rose 17.5 cents, or 1.5%, to $11.445 an ounce. The metal fell 24% last year.

Platinum futures for April delivery rose $10.60, or 1.1%, to $968.20 an ounce on Nymex. Palladium futures for March delivery gained $14.10, or 7.6%, to $199.05 an ounce.

Gold, which generally moves in the opposite direction of the currency, last year rose the least since 2004 as the dollar advanced for the first time since 2005.

The dollar climbed as much as 1.7% against a weighted basket of six major currencies before paring gains.

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