Bullion & Business Weekend Report - Aug 30
London precious metals moved higher for the week with silver, gold and platinum rising 5.4 percent, 2.9 percent and 3.9 percent, respectively. On Friday, stocks slid lower, and the U.S. dollar climbed against the euro.
Crude oil reversed early gains and lost 13 cents to settle the week at $115.46 a barrel.
London silver closed to $13.76 an ounce — a gain of 71 cents the week and 14 cents from last Friday.
London platinum increase to $1,479 an ounce — a rise of $56 for the week and $52 from last Friday.
London gold rose to $833 an ounce, gaining $23 for the week and $9 from last Friday.
"The precious metal [gold] is down more than $80 on the month - a drop the magnitude of which has not been recorded since 1984," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"More meaningful action is expected to return to the markets only in the week after next. However, with Gustav knocking at the door, the four days of trading we get next week, may not lack any drama at all," he added.
Gold generally follows oil and moves opposite to the greenback, as a weakened dollar encourages investors to buy gold, also considered a hedge during times of high inflation and economic uncertainty.
Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and three related precious metal articles.
