Gold, platinum rise on brisk buying

January 23, 2009

Commodity Online
SINGAPORE : Precious metals including gold and platinum advanced in early Asian trade Friday as investors sought a store of value amid tumbling equity markets.

Gold futures for February delivery climbed $9.20, or 1.1 percent to $859.30 an ounce on the New York Mercantile Exchange’s Comex division. Gold rose 5.5 percent last year, the eighth straight gain, as the S&P index fell 38 percent.

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Among other precious metals, silver futures for March delivery climbed 11 cents, or 1%, to $11.435 an ounce in New York.

Platinum futures for April delivery rose $3.80, or 0.4%, to $931.40 an ounce. Platinum slid 5.2% last week and was down 60% from a record $2,308.80 on March 4 before today.

Palladium futures for March delivery rose 40 cents to $184.80 an ounce. The price fell 3.1% last week and was down 50% in the past year before today.

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