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 Gold, silver settle lower on optimism about econom
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Ardent Listener
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USA
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Posted - 01/22/2011 :  13:55:19  Show Profile Send Ardent Listener a Private Message

Jan. 21, 2011, 3:11 p.m. EST

Gold, silver settle lower on optimism about economy
Platinum and palladium post multiyear highs

.............We believe gold has been under pressure as the market’s belief in an improving economic outlook suggests that the environment of exceptionally low interest rates may eventually come to an end,” analysts at Deutsche Bank said in a note to clients.

Federal Reserve officials is likely to keep rates on hold till November, however, “which will not only keep the U.S. dollar undervalued ... but also sustain a benign interest-rate environment for precious metals,” the analysts added.

The dollar index , which tracks the greenback against a basket of six other currencies, declined 0.7% to 78.24. A weaker dollar is favorable to metals and other commodities as it makes them less expensive for holders of other currencies.

Analysts have said the return of volatility to the gold market has made some investors reconsider their bets on an uninterrupted rise in the precious metal.

Platinum, palladium
Other metals, particularly those tied to industrial uses, bucked the trend for gold and gained ground. Platinum and palladium shone on hopes a healthy economy will push up vehicle sales. The metals are a key component of auto catalytic converters.

March palladium turned higher on the day, rising 90 cents, or 0.1%, to settle at $816.75 an ounce, its best settlement since February 2001.

Palladium gained 3.3% on the week.

Platinum for April delivery rose $3.70, or 0.2%, to $1,822.30 an ounce, which made for weekly gains of 0.3%. That was platinum’s best finish since July 2008.

Copper for March rose 4 cents, or 0.9%, to $4.31 a pound. Copper lost 2.3% on the week.

March silver went back to the red after posting a recovery that proved to be shortlived. It settled at $27.43 an ounce, down 0.2%, or 5 cents, bringing weekly losses to 3.1%.

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