It was a mixed bag for precious on the week. London gold gained 4 percent while silver and platinum fell 3.5 percent and 3.6 percent respectively. The Dow declined 5.3 percent, the S&P lost 8.4 percent, and the Nasdaq dropped 8.7 percent from last Friday’s close.
New York January crude-oil settled to $49.93 a barrel, losing 51 cents on Friday. Oil lost $7.67 on the week, or 13 percent.
AAA said the average price for unleaded gasoline fell below $2 to $1.953 a gallon on Saturday. The average price a month ago was $2.82.
London silver ended at $9.17 an ounce, dropping 33 cents on the week, or 16 cents since last Friday.
London gold closed to $774.50 an ounce, gaining $29.50 for the week, or $27 from last Friday.
London platinum settled to $812 an ounce, losing $30 for the week, or $33 since last Friday.
"A day of strong gains concluded a week that saw gold at under $700 and above $800 – a level at which the metal was last seen on October 20. Options expiration, fund buying, short-covering, and a return of modestly higher risk appetite on a day when stocks did not undergo a meltdown for a change (and actually added $495 ! points), all converged to give gold its best day in nearly two months," said senior analyst Jon Nadler at Kitco Bullion Dealers.
Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies. When prices are falling and economic activities are shrinking, gold prices tend to move lower.
Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and four related precious metal articles.
CoinNews London Fix Charts: Silver, Gold and Platinum
(November 17-21)
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
November 17-21
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-3.5%
|
-$0.33
|
$9.17
|
| Gold |
X
|
|
4.0%
|
$29.50
|
$744.50
|
| Platinum |
|
X
|
-3.6%
|
-$30.00
|
$812.00
|
Week change numbers are for Monday AM-Friday PM
November 10-14
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-9.5%
|
-$0.98
|
$9.33
|
| Gold |
|
X
|
-0.6%
|
-$4.25
|
$747.50
|
| Platinum |
|
X
|
-3.4%
|
-$30.00
|
$845.00
|
Week change numbers are for Monday AM-Friday PM
November 3-7
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
0.8%
|
$0.08
|
$10.13
|
| Gold |
X
|
|
0.2%
|
$1.25
|
$735.25
|
| Platinum |
X
|
|
1.3%
|
$11
|
$849.00
|
Week change numbers are for Monday AM-Friday PM
October 27-31
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
3.0%
|
$0.27
|
$9.28
|
| Gold |
X
|
|
1.4%
|
$10
|
$731
|
| Platinum |
X
|
|
7.7%
|
$58
|
$814
|
Week change numbers are for Monday AM-Friday PM
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- November 21 – Gold futures surge, briefly topping $800 an ounce – MarketWatch
Gold futures surged Friday, briefly topping $800 an ounce for the first time in more than a month, as wary investors returned to the safety of the precious metal.
- November 21 – Gold rises above $800 on strong physical buying – Reuters
Gold rallied above $800 an ounce on Friday, ending the week 8 percent higher, as mounting economic uncertainties and strong physical bullion demand triggered a bout of heavy buying.
- November 21 – Hi-Lo Silver! – Jon Nadler, Kitco
A day of strong gains concluded a week that saw gold at under $700 and above $800 – a level at which the metal was last seen on October 20.
- November 20 – US Mint Gold and Platinum Coin Sales Figures – Nov 20 – CoinNews
Silver, gold and platinum collector coin sales have increased significantly since last week, according to United States Mint figures. The one-ounce American Buffalo gold proof coin is no longer available as of Thursday.
Business week overview and wrap-up by Reuters News
Wall Street ended a tough week with optimism after reports President-elect Barack Obama had chosen his person to help fight the financial crisis. Here are Friday numbers for the three major US indexes:
-
The Dow lost 494.13 points Friday to close at 8,046.42. For the week, the Dow fell 5.3 percent.
-
The S&P 500 fell 47.59 points Friday, closing to 800.03. The S&P lost 8.4 percent on the week.
- The Nasdaq declined 68.23 points Friday to finish at 1,384.35. It lost 8.7 percent for the week.
In other world markets:
-
The German DAX lost 92.79 points to close at 4,127.41.
-
The Paris CAC 40 dropped 99.16 points to close at 2,881.26.
- And the London FTSE 100 fell 94.03 points to close at 3,780.96.
SPEAKER: Alec Young, equity strategist, Standard & Poor’s Conway Gittens reports from New York.
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