The Benny (on the) Hill Show
By Jon Nadler
24 September 2008 @ 05:33 pm EDT
New York gold prices traded in restrained albeit lower trending patterns during this midweek session. The yellow metal moved back and forth between $879 and $903 per ounce, but remained confined to the $875-$925 channel as participants followed Mr. Bernanke's Plan "P" sales presentation on Capitol Hill for a second day. Traders are seen as still reluctant to take significant positions before the rescue plan takes final shape. Volatility will remain visible so long as the package faces fresh legislative headwinds and uncertainty continues in other markets. We are talking about a timetable here that extends well into the coming week. At least. Gold was last quoted at $879 down $13, silver at $13.24 down 4 cents, platinum at $1184 down $18 and palladium the lone gainer, up $3 at $249 per ounce.