January 8, 2009

Philippine Bullion Report: Local Silver & Gold price stagnant despite moves

The US dollar weakened against other major currencies in European trading Thursday. Gold rose.

The euro traded at $1.3750, up from $1.3614 late Wednesday in New York.

Other dollar rates:

—91.07 Japanese yen, down from 93.02

—1.1091 Swiss francs, up from 1.1026

—1.1848 Canadian dollars, down from 1.1966

The British pound was quoted at $1.5209, up from $1.5132

Gold traded in London at $855.75 per troy ounce, up from $848.50 late Wednesday

Meanwhile, Gold is priced by street buyers between P850 to P950 per gram for 18K at the local black market and P1050 to P1150 per gram for the 22K. Silver on the hand is P150 to P220 per 1 peso (1907 to 1910 United States-Philippines) of 75%silver alloy, most likely a single peso at P150 while the a combination of several denominations to a peso is traded for P220.

Commonly, silver is at a level of P11 per gram at the local bullion market, way down from its previous all time high of P17 per gram last March.

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