Gold futures prices rallied Thursday at the New York Commodity Exchange, while platinum fell again.
The Dow’s plunge of more than 80 points sparked fears that the economy is in bad shape and encouraged the first upswing in gold prices this week, said Jack Barbanel, an analyst with Gruntal & Co. in New York. Platinum continued to fall on profit-taking after the recent surge and was $12.90 to $19.50 lower, with September at $570.20 an ounce at the New York Mercantile Exchange. Gold was $3.30 to $4.10 higher, with contract for delivery in September at $408 an ounce; silver was 10.4 cents to 11.6 cents higher, with September at $5.699 cents an ounce.
In other markets, petroleum prices were mostly higher, the pork complex rallied and grains and soybeans were mixed.
Petroleum prices started out sharply lower at the New York Mercantile Exchange, as traders got “selling fever” from watching the sliding stock and platinum markets, said Peter Beutel, an analyst with Elders Futures Inc. in New York. Later buying was sparked by Saudi Arabia’s denial they had violated their oil production limit under OPEC and statement that they’d be within their quota for September, Beutel said.