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Gold and Silver Prices Top 2-Month Highs

Written By Luke Burgess

Posted August 6, 2009


Gold and silver prices rose to 2-month highs today after a US jobless report boosted sentiment in precious-metals trading.

The US Labor Department reported that first-time claims for state unemployment benefits declined by 38,000 to 550,000 last week. The news helped push gold for October delivery to a high of $972.70 an ounce, its highest level in 8 weeks. Silver also gained on the news pushing over $15 an ounce since mid-June.

While we remain bullish in the mid- to long-term, gold prices may experience a pullback as investors take profits in the short-term.

In other precious metals, both platinum was last seen down about $15 to $1,278 an ounce, meeting strong resistance at the $1,300 level. Palladium was also down almost $6 after hitting a 10-month high of $278.80.

Meanwhile, the US dollar slightly recovered after hitting its lowest level since September 2008. The US Dollar Index, a measure of the dollar’s value against a basket of six foreign currencies, was down to a low of 77.428.

Luke Burgess
Managing Editor, Gold World