New Highs in Gold; Silver, Platinum Advance

123jump.com Staff
13 Oct, 2009
New York City

In early trading in New York stocks are expected to open higher but may face headwind as commodities prices stay firm. Gold reached a new intra-day high and silver, platinum and palladium advance. Crude oil edged up.

[R]8:45 AM New York – In early trading in New York stocks are expected to open higher but may face headwind as commodities prices stay firm. Gold reached a new intra-day high and silver, platinum and palladium advance. Crude oil edged up.[/R]

In the early trading in New York and at mid-day trading in London, gold reached to a new intra-day high as investors fear further weakness in dollar and faster inflation in the U.S. Prices of platinum and palladium gained as well.

In New York immediate month futures, gold traded at $1067.70 and in London traded as high as $1,066.51. Dollar declined against the euro to $1.4889.

So far for in the year, the dollar has lost 5.9% against the euro and is expected to drop another 5% by the end of first quarter of 2010 according to several currency analysts.

In London trading, silver increased 1.45% to $17.979 an ounce. Platinum increased 1.4% to $1,363.80 an ounce and palladium also increased 1.9% to $335.45 an ounce.

Earnings Review

The Swedish conglomerate Investor AB, said third quarter net profit in the quarter was SEK12.51 billion or SEK16.39 per diluted share compared to net loss of SEK8.8 billion or SEK11.51 per share a year ago.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 60.17 or 0.60% to 10,076.56, Hang Seng index in Hong Kong increased 168.01 or 0.79% to 21,467.36, and CSI 300 index in China higher 46.88 or 1.49% to 3,198.52. ASX 200 index in Australia increased 45.90 or 0.97% to 4,785.70. The FTSE Bursa KL Composite index in Malaysia was higher 0.18 or 0.01% to 1,233.51.

The Kospi Index in South Korea decreased 10.88 or 0.66% to close at 1,628.93 SET index in Thailand closed lower 5.19 or 0.69% to 746.67. JSE Index in Indonesia increased 15.30 or 0.62% to 2,471.99. The Sensex index in India was closed today.

Europe Markets Review

In London FTSE 100 Index traded lower 10.84 or 0.21% to 5,199.33, in Paris CAC 40 Index decreased 12.88 or 0.33% to 3,832.92 and in Frankfurt DAX index traded lower 22.72 or 0.39% to 5,760.51. In Zurich trading SMI decreased 6.95 or 0.11% to 6,370.83.

ASX 200 Index Movers

Babcock & Brown Infrastructure Group led the decliners in the ASX 200 index of 6.5% followed by losses Transpacific Industries Group Ltd of 5.5%, in Macquarie Media Group of 4.2%, in Billabong International Limited of 3.5% and in Lynas Corporation Limited of 3.4%.

Platinum Australia Limited gainers in the ASX 200 index with a rise of 12.8% followed by gains in Hills Industries Limited of 11.4%, in Elders Limited of 9.0% and in Mincor Resources NL of 7.5%.

Nikkei 200 Average Movers

Showa Denko K.K. led the decliners in the Nikkei 225 index of 4.7% followed by losses in Ube Industries, Ltd. of 3.2%, in Fukuoka Financial Group, Inc. of 3.0%, in Japan Airlines Corporation of 2.9% and in Matsui Securities Co., Ltd. of 2.7%.

Pioneer Corporation led gainers in the Nikkei 225 index with a rise of 11.4% followed by gains CSK Holdings Corporation of 6.5%, in Hitachi Construction Machinery Co., Ltd. of 5.0% and in NEC Corporation of 4.9%.