Precious metals enjoyed modest gains on the week as the US dollar was the predominating driver of where prices went. A weaker greenback on Friday combined with lower crude oil prices helped gold slide slightly from earlier week highs. Oil did jump nearly 3.5 percent this week while gasoline prices at the pump were almost 13 cents higher than last Saturday.
In other markets, US stocks declined for the first week in three while European indexes finished mixed with the London FTSE advancing.
In London bullion weekly figures, gold climbed 1.4 percent, silver rose 2.0 percent and platinum jumped 2.4 percent. Friday precious metals prices follow:
London silver closed to $17.65 an ounce, rising 34 cents from last Friday’s close. New York December silver futures ended at $17.723 for a 30.3 cent weekly increase.
London gold was fixed at $1,061.75 an ounce for a $14.25 gain on the week. New York gold for December delivery finished at $1,056.40 for a weekly gain of $5.70.
London platinum ended at $1,372.00 an ounce, advancing $32.00 since last Friday’s close. New York platinum for January delivery ended at $1,369.50 for a $21.00 weekly rise.
"The biggest threat for gold is if the dollar makes a significant move higher," Gijsbert Groenewegen, a partner at Gold Arrow Capital Management, a New York-based hedge fund, said on Bloomberg. "It could have a significant impact on prices."
Gold fell "on the back of a stronger dollar," James Moore, an analyst at TheBullionDesk.com, was quoted on MarketWatch. "Gold will look to hold the current $1,040 to $1,065 range as players continue to look to the dollar and broader risk sentiment for direction."
"Over in fundamentals land, while fresh indications from India reveal a possible slight up tick in festival period-related demand for the yellow metal, the year-end Indian gold import tally is likely to be anything but rosy," wrote Jon Nadler, Sr. analyst at Kitco Metals Inc.
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, oil news, week-ending world stock summaries, and precious metal article summaries for the week.
London Fix Charts: Silver, Gold and Platinum
(Oct 16 – 23)
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*
(Oct 16 – 23)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
2.0%
|
$0.34
|
$17.65
|
| Gold |
X
|
|
1.4%
|
$14.25
|
$1,061.75
|
| Platinum |
X
|
|
2.4%
|
$32.00
|
$1,372.00
|
(Oct 9 – 16)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-1.8%
|
-$0.32
|
$17.31
|
| Gold |
|
X
|
-0.4%
|
-$4.00
|
$1,047.50
|
| Platinum |
X
|
|
0.2%
|
$3.00
|
$1,340.00
|
(Oct 2 – 9)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
8.8%
|
$1.42
|
$17.63
|
| Gold |
X
|
|
4.8%
|
$48.00
|
$1,051,50
|
| Platinum |
X
|
|
5.4%
|
$68.00
|
$1,337.00
|
(Sept 25 – Oct 2)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
0.1%
|
$0.01
|
$16.21
|
| Gold |
X
|
|
1.2%
|
$12.00
|
$1,003.50
|
| Platinum |
|
X
|
-0.9%
|
-$12.00
|
$1,269.00
|
(Sept 18 – 25)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-5.3%
|
-$0.91
|
$16.20
|
| Gold |
|
X
|
-2.0%
|
-$20.50
|
$991.50
|
| Platinum |
|
X
|
-4.2%
|
-$56.00
|
$1,281.00
|
Weekly World Business News: Oil, Gasoline, and Stocks Prices
Crude oil prices fell slightly on Friday "pressured by a rebounding dollar and lower stocks as investors digested the latest string of corporate earnings reports," wrote Polya Lesova and Moming Zhou of MarketWatch.
New York oil for December delivery declined 65 cents, or 0.8 percent, to close at $81.19 a barrel. Oil rose 3.4 percent this week.
"The dollar is somewhat stronger and the S&P is down, both of which are sending oil lower," Tim Evans, an energy analyst with Citi Futures Perspective in New York, was quoted on Bloomberg. "There’s also some fundamental news behind this move. The U.K.’s GDP numbers today were disappointing and suggest that the British economy is still in a recession."
Prices at the pump shot up another 1.8 cents between Friday and Saturday. The national average for unleaded gasoline was $2.654 a gallon, according to a AAA fuel report. The price is 12.7 cents higher than last week, 12 cents more than a month back, and 13 cents less than a year ago.
U.S. stocks fell Friday "with the major indexes slipping for the first week in three, as industrial companies’ weak results overshadowed robust earnings from tech and retail heavy-weights," wrote Rodrigo Campos of Reuters.
"”Investors know that the earnings for the third quarter are going to be better than expected,” Paul Brigandi, vice president of trading at Direxion Funds, was quoted on CNNMoney.com. “That’s no longer going to be a catalyst. They are going to want to see something else”
For the week, the Dow declined 0.2 percent, the S&P fell 0.7 percent, and the Nasdaq retreated 0.1 percent.
Friday figures for the three major US indexes follow:
-
The Dow fell 109.13 points to close at 9,972.18.
-
The S&P slipped 13.31 points, closing at 1,079.60.
- The NASDAQ retreated 10.82 points to finish at 2,154.47.
And in other world markets, indexes recorded weekly gains but ended mixed on Friday as the following figures show:
-
The German DAX lost 22.68 points to close at 5,740.25.
-
The Paris CAC 40 slid 12.61 points, to close at 3,808.24.
- And the London FTSE 100 rose 35.21 points to finish at 5,242.57.
Microsoft and Amazon blow away Wall Street estimates capping off a week of strong earnings — but stocks sink as caution prevails. Jeanne Yurman of Reuters reports on this, world stocks and other business news in the following video. Sound bite is Senior Economist, Cary Leahey of Decision Economics.
Bullion and Business Articles
In related silver and gold news, interesting or quick-read articles from the week include:
- Gold turns lower on stronger dollar, lower crude – MarketWatch
Gold futures fell Friday, reducing weekly gains as a rebounding dollar curbed its investment appeal. December gold futures ended down $2.20, or 0.2%, to $1,056.40 an ounce on the Comex division of the New York Mercantile Exchange. The thinly traded October contract lost …
- Gold Prices Fall for Second Day in N.Y. as Dollar Strengthens – Bloomberg
Gold prices fell for a second day in New York as a rebound in the dollar curbed demand from investors who buy the precious metal as a hedge against inflation. The U.S. currency gained as much as 0.3 percent against the euro after a report showed sales of existing U.S. homes …
- A Turkey for Turkey, The UK Lays an Economic Egg, and Russia Sells…Gold?! – Jon Nadler, Kitco
Gold prices continued to remain ‘in the zone’ (the $1040-$1070 zone, that is) overnight, with little in the way of fresh market-impactful news making their way into the media stream. The US dollar remained at or very near the 1.50 pivotal level against the euro, but climbed away from the 75-mark …
- US Mint Sales: Bullion Coins Hot, Silver Coins Strong – CoinNews
US Mint sales once again look attractive following a week when collector interest in most coins dipped. Demand is strong for both silver and gold bullion coins, as has been the case for much of the year. The newly released Gold Buffalo coins were most impressive. In other notables, Ultra High Relief $20s finally topped the 100K barrier, and the Lincoln Chronicles set …
- First Spouse Gold Coin Sales Weaken – First Spouse Coins
US Mint First Spouse Gold Coin sales retreated mid-month after two price increases in October. In fact, in terms of total coins sold, sales hit their all-time lowest since these ten coins have been available. Sarah Polk Proofs sold the most with an increase of 114, and Julia Tyler Proofs were next, gaining 74. Anna Harrison Uncirculated saw the least change, with only 9 …
- Silver Coins Heating Up – Silver Coins Today
A new week ushered in greater demand for silver coins, new US Mint stats reveal. Previous weekly sales dipped, so the change is more pronounced. Last week’s silver coins report showed a spike in 2008 Annual Uncirculated Dollar Coin Sets. That is likely explained by the fact that the set is the only way to acquire an uncirculated American Silver Eagle now that the …
- Buffalo Bullion Coin Sales Blistering – CoinNews
Demand for newly issued 2009 Gold Buffalo Bullion Coins is proving to be exceptionally hot. From their release on Thursday through to Monday, 71,500 of the one-ounce, 24 karat gold coins have been sold by the US Mint. That represents nearly 42 percent of the total sold in all of 2008. In contrast, the one-ounce American Gold Eagles Bullion Coins have a sales tally of …
- 2009 Buffalo Proof Coins – CoinNews
The United States Mint today said the 2009 American Buffalo Gold Proof Coin will launch on Thursday, October 29, at noon Eastern Time. The release date is not surprising since it was tentatively announced earlier this month. What is nearly shocking is that there will be be "no mintage or household order limit for this product." A quick "Hurray!" comes to mind, before …
