Precious metals were under fire this week as strength in the U.S. dollars made buying — especially in gold — less appealing. London gold ended lower for the second straight week after advancing during the prior four. In other markets, crude-oil surged for the fourth straight week while U.S. stocks marked modest gains. European stocks were mixed.
For the week in London, gold lost 2.6 percent, silver fell 3.7 percent, and platinum slid 2.7 percent. The precious metal figures follow:
Silver closed Friday to $15.07 an ounce, falling 58 cents this week.
Gold was fixed at $937.25 an ounce, dropping $24.75 on the week.
Platinum fell to $1,241.00 an ounce, declining $34.00 on the week.
"The outlook is still generally positive, as we must not lose sight of the forest through the trees," MF Global’s Pawlicki was quoted on Bloomberg. "Commodity investment is still relatively strong and the outlook for the dollar isn’t favorable."
"At present, there are many reasons for acting more cautiously on the gold market," Barbara Lambrecht, an analyst at Commerzbank, was quoted on MarketWatch. "The medium term risk of a strong inflation has abated… In our view, gold will continue to be impacted by the U.S. dollar."
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.
To follow are silver, gold and platinum performance charts, precious metal articles, oil news and week-ending world stock summaries.
London Fix Charts: Silver, Gold and Platinum
(June 5 – June 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*
(June 5 – June 12)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-3.7%
|
-$0.58
|
$15.07
|
| Gold |
|
X
|
-2.6%
|
-$24.75
|
$937.25
|
| Platinum |
|
X
|
-2.7%
|
-$34.00
|
$1241.00
|
(May 29 – June 5)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
0.8%
|
$0.13
|
$15.65
|
| Gold |
|
X
|
-1.4%
|
-$13.50
|
$962.00
|
| Platinum |
X
|
|
8.5%
|
$100.00
|
$1275.00
|
(May 22-29)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
5.9%
|
$0.86
|
$15.52
|
| Gold |
X
|
|
1.6%
|
$15.75
|
$975.50
|
| Platinum |
X
|
|
2.3%
|
$26.00
|
$1175.00
|
(May 15-22)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
5.3%
|
$0.74
|
$14.66
|
| Gold |
X
|
|
3.3%
|
$30.25
|
$959.75
|
| Platinum |
X
|
|
3.6%
|
$40.00
|
$1149.00
|
(May 8-15)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
0.1%
|
$0.02
|
$13.92
|
| Gold |
X
|
|
2.5%
|
$22.50
|
$929.50
|
| Platinum |
|
X
|
-3.5%
|
-$40.00
|
$1109.00
|
Bullion articles of interest
In related news, interesting or quick-read articles:
- June 12 – Gold falls 2% as dollar strengthens ahead of G8 meeting – MarketWatch
Gold futures fell Friday, ending at their lowest level in more than three weeks as the U.S. dollar rose ahead of a meeting of Group of Eight finance ministers, reducing gold’s investment appeal…
- June 5– Gold Drops Most in Two Months as Dollar Gain Curbs Hedge Demand – Bloomberg
Gold slid the most in two months as the rallying dollar reduced demand for the metal as an alternative investment. Silver also slumped…
- June 5 – Good News/Bad News/ No (Inflation) News – Jon Nadler, Kitco
Gold prices fell as low as the $935 area of support following the dollar’s success at turning back to well above the 80-mark on the trade-weighted index. Crude oil prices easing back from their lofty $73 levels…
- June 11 – Silver Eagles Pass 12 Million in Sales – CoinNews
2009 American Eagle Silver Bullion Coin sales blazed passed the 12 million barrier this week and approached 1 million sold during the first eleven days in June, the latest US Mint sales figures reveal. The Mint’s authorized dealers purchased 377,000 silver eagles during the first eight days in June (ending Monday). By Wednesday the tally more than…
- June 10 – US Mint Coin Sales – CoinNews
The latest batch of US Mint sales show soaring 2009 Proof Sets, Braille Silver Dollars collapsing, Guam quarters sizzling, Rail Splitter cents rising and UHR $20s normalizing. The Mint’s 18-coin proof set went on sale Monday, June 1. In a blazing rage, collectors purchased 437,178 of the sets in a single week…
- June 10 – First Spouse Gold Coin Sales – First Spouse Coins
Van Buren’s Liberty First Spouse gold proof coin topped the 6,000 marker, although sales of the gold coin actually declined from the prior week. Worse, five of the eight US Mint sold First Spouse Coins experienced reduced sales — a turnaround from our last report where seven showed improved week-over-week gains…
- June 10 – US Silver Coin Sales – Silver Coins Today
The latest US Mint sales stats show renewed interest in silver coins and sets, with the exception of Braille Silver Dollars. For whatever reason — accounting corrections, customer returns, etc. — uncirculated Louis Braille Silver Dollar numbers plunged…
- June 10 – 1.9 Million Silver Eagles Sold in May – Silver Coins Today
Sales of 2009 American Eagle Silver Bullion Coins were exceptionally strong in May. The silver coins continue their pace for a blowout, record performing year — potentially the best since the series began in 1986…
Reports on world business, oil prices and stocks
Oil ended lower Friday for the first time in four days "as a stronger dollar weighed on oil prices, and after OPEC said it increased May output for a second month," writes Moming Zhou and Polya Lesova of MarketWatch.
New York crude-oil for July delivery fell 64 cents, or 0.9 percent to $72.04 a barrel on the last day of trading. However, the contract ended higher on the week surging 5.3 percent.
Prices at the pump shot higher Saturday. The national average for unleaded gasoline is $2.654 a gallon, according to AAA. That is 1.5 cents more than Friday, 4.8 cents higher than a week ago and 37.3 cents higher than a month back.
U.S. stocks were mixed Friday but posted modest weekly gains. For the latter, the Dow gained 0.4 percent, the S&P 500 rose 0.7 percent, and the Nasdaq climbed 0.5 percent.
Friday closing figures for the three major US indexes follow:
-
The Dow gained 28.34 points to close at 8,799.26.
-
The S&P 500 rose 1.32 points, closing to 946.21.
- The NASDAQ fell 3.57 points to finish at 1,858.80.
And in other world markets:
-
The German DAX fell 38.02 points to close at 5,069.24.
-
The Paris CAC 40 lost 8.80 points to close at 3,326.14.
- And the London FTSE 100 declined 19.92 points to close at 4,441.95.
The Dow turned positive for the year on Friday helped by an analyst prediction Bank of America could begin repaying bailout funds this year. Conway Gittens reports on this and other world stocks in a Reuters business video summary.
