Gold gained about 20 percent since Sept. 11 as safe-haven demand drove physical demand to such a level that the U.S. Mint suspended Buffalo gold coin sales Thursday due to depleted inventories.
Gold profit-taking snatched several percentage point gains on Friday, but the yellow metal ended the day and week up. London gold and silver prices rose 1.5 percent and 3.3 percent, respectively. Platinum dropped 4.4 percent.
November crude-oil on Nymex lost $1.13 Friday, and settled to $106.89 per barrel. It lost 4 percent for the week.
London silver closed to $13.18 an ounce — a gain of 20 cents on the week, or $1.03 from last Friday.
London platinum fell to $1,140 an ounce — a loss of $53 for the week, or $15 from last Friday.
London gold climbed to $902 an ounce, rising $29 for the week and $33 from last Friday.
"The indecision and infighting on Capitol Hill continued to keep a frozen lid over investors and traders alike. No one was willing to do a whole lot today, and for good reason; the potential outcomes from a concrete decision by US lawmakers on the rescue package are either quite wide-ranging, or unknown for now," said senior analyst Jon Nadler at Kitco Bullion Dealers on Friday.
James Moore, analyst at TheBullionDesk, said, “We could see further inflows of investment demand in the coming sessions, potentially giving gold the momentum to challenge overhead resistance at $925-$938.”
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 four related precious metal articles.
Read the rest of this entry »
The Royal Canadian Mint has been able to sustain its inventory of gold coins, unlike the U.S.Mint, as physical demand for gold has surged in September due to volatile markets and financial uncertainty.
