Gold snapped its longest losing streak in 8 years Friday to climb with other precious metals. The upward moves helped recover metal losses for the week where London silver, gold and platinum plunged 12.8 percent, 7 percent and 13 percent, respectively. The Dow gained 1.8 percent and the Nasdaq 0.2 percent.
October crude-oil on Nymex briefly touched $99.99 Friday, but rose slightly by 31 cents to close to $101.18 per barrel with concerns over Hurricane Ike.
London silver closed down to $10.80 an ounce — a loss of $1.58 on the week, or $1.92 from last Friday.
London platinum fell to $1,187 an ounce — a drop of $178 for the week, or $200 from last Friday.
London gold declined to $750 an ounce, falling $56 for the week and $59 from last Friday.
"Bullion’s gains today came primarily from a slew of background financial news on Lehman and WaMu’s woes which unsettled the money markets enough to have the US dollar drop," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"Next week promises to be quite dollar-centric as we might learn Lehman’s fate and continue the house-cleaning process that is now at least a year-old. It will also be time to tally Ike’s damage and project where US energy supplies will be heading before fall sets in," 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.
CoinNews London Fix Charts: Silver, Gold and Platinum
(Sept 8-12)
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 changes
Sept 8-12
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-12.8%
|
-$1.58
|
$10.80
|
| Gold |
|
X
|
-7.0%
|
-$56
|
$750
|
| Platinum |
|
X
|
-13.0%
|
-$178
|
$1187
|
Week change numbers are for Monday-Friday.
Sept 1-5
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-6.3%
|
-$0.86
|
$12.72
|
| Gold |
|
X
|
-2.8%
|
-$24
|
$809
|
| Platinum |
|
X
|
-4.4%
|
-$64
|
$1387
|
Week change numbers are for Monday-Friday
Aug 26-29*
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
5.4%
|
$0.71
|
$13.76
|
| Gold |
X
|
|
2.9%
|
$23
|
$833
|
| Platinum |
X
|
|
3.9%
|
$56
|
$1479
|
*Week change numbers are for Tuesday-Friday. (Market holiday on Monday).
Aug 18-22
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
4.7%
|
$0.61
|
$13.62
|
| Gold |
X
|
|
3.3%
|
$27
|
$824
|
| Platinum |
X
|
|
3.3%
|
$45
|
$1427
|
Week change numbers are for Monday–Friday.
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- September 12 – Gold rises first day in 10 as dollar weakens – MarketWatch
Gold futures rose on Friday, as a steep fall in the dollar encouraged investors to buy the precious metal following nine straight sessions of losses, gold’s longest losing streak in eight years, which had shaved off more than $90 of its value.
- September 12 – Gold soars on weak dollar, Hurricane Ike fears – Reuters
Gold ended sharply higher on Friday, as the dollar fell on weak U.S. retail sales data and as Hurricane Ike, a potential catastrophe, moved toward the southwestern United States.
- September 12 – Ready for The Poe Standard? – Jon Nadler
Two weeks after it began a monumental daily slide which pounded prices down to a low of $736 an ounce, gold found some firmer ground on Friday and applied the brakes, hoping for at least a resting period.
Business week overview and wrap-up by Reuters News
The fate of Lehman Brothers hangs in the balance while Washington Mutual and AIG deliver more bad news due to mortgage exposure. Oil closed slightly up at $101.18 as Texas oil refineries brace for Hurricane Ike.
In stock market action, the three major US indexes:
-
The Dow lost 11.72 points Friday to close at 11,421.99, and gained 1.8% for the week.
-
The S&P 500 rose 2.65 points Friday, closing to 1,251.70.
- The Nasdaq gained 3.05 points Friday to finish at 2,261.27, and improved 0.2% for the week.
In other world markets:
-
The German DAX gained 55.99 points to close at 6,234.89.
-
The Paris CAC 40 rose 83.59 points to close at 4,332.66.
- And the London FTSE 100 moved up 98.3 points to close at 5,416.70.
Manoush Zomorodi reports from New York.
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