It was a mixed day for the precious metals as gold rose, but silver and platinum were both down slightly. Gold traded up during the pre-dawn hours before reaching an intraday high $851.22/oz. during the NYMEX session. While prices trended downward throughout afternoon trading gold still posted a gain of $9.90 to finish at $847.80/oz.

Platinum traded up during the NYMEX session, reaching a high of $862.50/oz., before slipping during afternoon trading. Platinum ultimately finished just off its intraday low at $848/oz., down $3.

Silver rose sharply during Far East trading, but posted steady declines for the rest of the day to finish in the red. Silver ended at $10.81/oz., down just $0.01 from Friday’s close.
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Gold’s rise was largely the result of weakening dollar and declining equities.

Gold’s trading off the dollar,” wrote Frank Lesh of FuturePath Trading. “A weak economy and all-time low interest rates don’t call for a strong dollar.”

Gold saw further support from investors looking for a safe haven during these troubled economic times.

We’re not going to get any revelations on the economy soon,” Lesh continued. “Those who want to hold gold are still looking at a shaky equity market worldwide.”

Source: Gold Rises on Dollars Weakness

Last 5 posts by Doug Casey

• Resource Stock Roundup:Monday, July 27, 2009 - July 27th, 2009
• Base Metals Higher - July 27th, 2009
• Crude Continues to Climb - July 27th, 2009
• Dollar Moves Lower - July 27th, 2009
• Gold Pushes Through $950 - July 27th, 2009