Precious metals were mixed this week after an active gold market was favored by a weakening US dollar, losing Dow and record-breaking oil prices. London silver and gold enjoyed Monday through Friday profits, rising 1.2 percent and 1.6 percent respectively. Platinum dropped slightly by -0.3 percent.
Silver closed to $17.40 an ounce, a loss of 4 cents compared to last Friday’s close.
London Platinum closed the week to $2,053, which was down $15 compared to its previous Friday close.
Gold closed Friday to $920 an ounce, gaining $12 from last Friday.
"Current speculative focus revolves around $925 but $936 to $945 remains the more significant value zone to overcome," said Jon Nadler, senior analyst with Kitco Bullion Dealers.
"Such an achievement depends in large part on whether crude oil heads for $150 prior to (ahemmm…)Independence Day or not."
The silver, gold and platinum weekly charts and comparisons from last week are below. The weekly business recap video from Reuters and three related precious metal articles are listed as well.
CoinNews London Fix Charts: Silver, Gold and Platinum
(June 23-27)
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 Friday’s close, plus previous weeks
June 23-27
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
1.2%
|
$0.21
|
$17.40
|
| Gold |
X
|
|
1.6%
|
$14
|
$920
|
| Platinum |
|
X
|
-0.3%
|
-$7
|
$2053
|
Week change numbers are for Monday-Friday.
June 16-20
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
4.2%
|
$0.71
|
$17.44
|
| Gold |
X
|
|
4.1%
|
$36
|
$908
|
| Platinum |
X
|
|
1.9%
|
$38
|
$2068
|
Week change numbers are for Monday-Friday
London Fix: June 9-13
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-6.6%
|
-$1.15
|
$16.31
|
| Gold |
|
X
|
-4.2%
|
-$38
|
$866
|
| Platinum |
|
X
|
-1.1%
|
-$23
|
$2043
|
Week change numbers are for Monday-Friday.
London Fix: June 2-6
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
2.0%
|
$.33
|
$16.86
|
| Gold |
|
X
|
-0.1%
|
-$0.75
|
$888
|
| Platinum |
X
|
|
2.9%
|
$57
|
$2050
|
Week change numbers are for Monday–Friday.
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- June 27 – Gold futures rise as dollar falls, oil hits record high – MarketWatch
Gold futures surged above $930 an ounce Friday as a record high in crude oil, persistent weakness in the U.S. dollar and a recent plunge in the U.S. stock market encouraged investment demand for the precious metal.
- June 27 – Gold to catch-up with oil as inflation brews – Reuters
The specter of inflation and a bear market in equities is a powerful formula to rekindle investor interest in gold, which looks to be staging a catch-up rally after lagging other commodities in 2008.
- June 27 – Save a Buck – Jon Nadler
New York gold followed up on yesterday’s buy stop-infused marathon with a $12 gain to just under $930 as the greenback was still slipping (at 72.32 on the index) and oil was still ahead by $2.41 at $142.05 per barrel.
Business week overview and wrap-up by Reuters News
Wall Street experienced more pain with the Dow at one point down 20 percent drop from its record peak set in October 2007. Crude oil set a new record settlement at $140.21 a barrel.
The three major US indexes:
-
The Dow dropped 106.91 points to close at 11,346.51 Friday. For the week the Dow lost 4.2%.
-
The S&P 500 lost 4.77 points Friday to close at 1,278.38.
- The Nasdaq fell 5.74 points Friday to finish at 2,315.63. It lost 3.8% for the week.
In other world markets:
-
The German DAX lost 37.69 points to close at 6,421.91.
-
The Paris CAC 40 dropped 28.87 points to close at 4,397.32.
- And the London FTSE 100 gained 11.70 points to close at 5,529.90.
Speaker: Alec Young, equity strategist, Standard & Poor’s Conway Gittens reports from New York.
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