Precious metals' values might minimally increase amidst speculation about a weakening dollar, Bloomberg reports.
Bullion for immediate delivery climbed 0.1 percent, an increase of $1.62, to $1,386.87 per troy ounce just before noon in London. Immediately-delivery silver remained stable at $29.3325 per troy ounce. Spot prices for palladium and platinum increased 0.8 to $748.08 per troy ounce and 0.2 percent to $1,716 per troy ounce, respectively.
"We continue swinging alongside the broader market with direction mostly from currency markets, and bullion is still trading against the dollar," Andrey Kryuchenkov, an analyst at VTB Capital in London, told Bloomberg.
Though gold's price increased very slightly in London and New York, the U.S. Dollar Index slipped for the first time in three sessions when held against six major currencies. With continued troubles ahead for sovereign debt in European nations' banks and follow-up quantitative easing in the United States, some analysts anticipate continued successes for gold in 2011.
"It should push through fresh record highs early next year," Mark Pervan, commodity research head at Australia & New Zealand Banking Group Ltd., told Bloomberg. "We see it moving toward a peak of around $1,550 by around September."
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