Gold hit a new record high on Monday, March 17, and then quickly dropped to experience its largest weekly loss since August 1990.
Gold’s near free-fall was was joined by silver and platinum. The downward plunge began after the Federal Reserve cut interest rates Tuesday by three-quarters of a percentage point, resulting in a surge upward for the dollar.
London Fix Monday through Thursday (shortened week due to holiday):
- Gold was down 9.6%
- Platinum by 8.9%
- and silver by double digits, 16.2%.
The silver, gold and platinum weekly charts and comparisons from last week are below. A Reuters gold video titled, A golden roller coaster, a business week wrap up video and three related articles links are included as well.
CoinNews London Fix Charts: Silver, Gold and Platinum
(March 17-21; Friday closed for holiday)
The London Fix is one of the most used bullion quotes around the world. The London AM fix for gold and platinum begins at 10:30am GMT (5:30am in New York), and the PM fix begins at 3pm GMT (10am in New York). The London Fix for silver begins each business day at 12pm GMT (7am in New York).
London Fix figures: percent and dollar change after Thursday’s close
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Thursday Close
|
|
| Silver |
|
X
|
-16.20%
|
-$3.39
|
$17.53
|
| Gold |
|
X
|
-9.55%
|
-$98
|
$926
|
| Platinum |
|
X
|
-8.85%
|
-$177
|
$1,823
|
Week change numbers are for Monday-Thursday (holiday shortened week).
London Fix: previous week figures
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
4.3%
|
$.84
|
$20.41
|
| Gold |
X
|
|
3.1%
|
$30
|
$1,004
|
| Platinum |
X
|
|
3.1%
|
$63
|
$2,107
|
Week change numbers are for Monday-Friday.
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- Mar 21 – Commodities Drop, Rally in Dollar, Stocks Vindicate Bernanke
- Mar 21 – Commodities Fall Out of Favor as the Dollar Strengthens
- Mar 21 – Barrick to invest record $10bn in new gold mines, says CEO Wilkins
Reuters video: A golden roller coaster
Business week overview and wrap-up by Reuters News
The three major US indexes:
-
The Dow gained 262.06 points Thursday to close at 12,361.72. It gained 3.4% for the week.
-
The S&P 500 gained 31.13 points Thursday to close at 1,329.55.
- The Nasdaq gained 48.15 points Thursday to finish at 2,258.11. It gained 2.1% for the week.
The Reuters video recaps the business week.
CoinNews bullion and finance related collector tools
Bullion and finance tools that may interest you:
Easter present came early for investor for precious metals. You are glad to buy silver, gold, platinum, and palladium bullions ay low price after record high prices! Let invest in silver, gold, platinum, and palladium as well as foreign currencies such as Euro, Swiss Franc, and Canadian Dollar. Today is the day to buy before another precious metal price rally!