Gold edges up, Silver, Crude and the USD slip

Gold futures on the COMEX Division of the New York Merc posted a 0.1% gain Wednesday, Silver edged lower, Platinum extended its rally.

The most active Gold contract for Feb delivery added 2.00, or 0.1%, to 1,370.20 oz.

The weakness in the Greenback helped support the Gold market; a weaker USD makes Dollar- denominated Gold cheaper for buyers using other currencies.
The rising demand for physical Gold in Asia ahead of the Lunar New Year Holiday offers a boost in the price of Gold.

Silver futures for Mar delivery lost 11.1c, or 0.4%, to 28.801 oz., Apr Platinum rose 9.8, or 0.5%, to 1,838.10 oz.

Crude Oil price slipped Wed as re-start of Trans Alaska pipeline boosted Oil supply.

Light, sweet Crude for Feb delivery dropped 52c to 90.86 bbl on the New York Merc.

The USD fell against major currencies in late New York trading Wednesday as the Euro tapped a 2 month high on European debt easing.

The German government Wednesday raised its growth forecast for the nation's economy this year to 2.3%, from 1.8% noted last October.

Investors' confidence in the Euro continued, and the Euro rose to 1.3538 vs the Dollar in Wednesday's trading session, the highest mark since late November.

The Dollar Index, the tracker of the Greenback vs. a basket of 6 other currencies, fell to 78.594, compared to 78.972 late Tuesday.

In late Wednesday trading, the USD bought 82.06 Japanese Yen, comparing with 82.54 late Tuesday, and the Euro rose to 1.3465 from 1.3392 $'s.

The GBP also rose to 1.5990 $'s from 1.5979. The USD fell from 0.9630 to 0.9550 against Swiss Francs, but rose to 0.9960 Canadian Dollars from 0.9927.

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