Precious metals fell for the week with silver, gold and platinum plunging 6.3 percent, 2.8 percent and 4.4 percent, respectively. As the U.S. dollar climbed, stocks and crude oil declined. For the week, the Dow lost 2.8 percent and the Nasdaq 4.7 percent.

October oil on Nymex hit a five-month low of $106.23 per barrel, losing $1.66 Friday and a huge 8 percent for the week.

London silver closed to $12.72 an ounce — a loss of 86 cents on the week and $1.04 from last Friday.

London platinum fell to $1,387 an ounce — a drop of $64 for the week and $92 from last Friday.

London gold declined to $809 an ounce, falling $24 for the week and $25 from last Friday.

"Their [investors] flight is no longer one headed towards other assets, warmer climes, or safe havens; it is merely a plain and simple flight - for the “Exit” signs. And, into cash," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Gold prices behaved quite badly… The rally however, failed at $820 once again and might just be called a key reversal that puts the metal back on track to the test of the $775 support zone. Should that number not hold (and some are not expecting it to) the charts at least, are pointing to the $720-$740 zone as the likely probability," 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.

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New York gold futures dropped Thursday along with crude-oil and a near 350-point plunge in the stock market. Platinum climbed 0.7 percent, the dollar showed strength, and silver fell ever so slightly.

Despite Thursday’s reported decline in crude and gasoline supplies for last week, October oil dropped $1.46 to close to $107.89 per barrel.

December silver dropped just a penny to end at $12.94 an ounce.

October platinum climbed $10 to $1,402.20 an ounce.

December gold fell $5 to close to $803.20 an ounce. It surged earlier in the day to a high of $819.50.

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New York precious metals fell for the third consecutive trading session, as crude-oil retreated slightly and the U.S. dollar gained against the euro and British pound. Silver felt the worst of it with a fall of 1.5 percent. It was followed by platinum and gold at 0.8 percent and 0.3 percent, respectively.

October oil fell by just 36 cents, to close to $109.35 per barrel.

December silver slipped by 20 cents to end at $12.95 an ounce.

October platinum lost $11.30 to $1,392.20 an ounce.

December gold drops for a small loss of $2.30 to close to $808.20 an ounce.

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New York silver, gold and platinum all dropped sharply Tuesday, helped by falling crude-oil prices and a rally in the U.S. dollar. The latter was spurred along by furthering concerns over the economic picture in Europe and Asia.

Reports to date indicate Hurricane Gustav did not cause any significant damage to Gulf oil infrastructure. And with that, October oil fell by $5.75, or 5 percent, to close to $109.71 per barrel.

Silver for December fell to $13.15 an ounce, losing 56 cents, or 4.1 percent.

October platinum dropped $86.30, or 5.8 percent, to end at $1,403.50 an ounce.

December gold dropped $24.70, or 3 percent, to close at $810.50 an ounce. Gold hit an intraday low of $795.20 an ounce.

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London precious metals moved higher for the week with silver, gold and platinum rising 5.4 percent, 2.9 percent and 3.9 percent, respectively. On Friday, stocks slid lower, and the U.S. dollar climbed against the euro.

Crude oil reversed early gains and lost 13 cents to settle the week at $115.46 a barrel.

London silver closed to $13.76 an ounce — a gain of 71 cents the week and 14 cents from last Friday.

London platinum increase to $1,479 an ounce — a rise of $56 for the week and $52 from last Friday.

London gold rose to $833 an ounce, gaining $23 for the week and $9 from last Friday.

"The precious metal [gold] is down more than $80 on the month - a drop the magnitude of which has not been recorded since 1984," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"More meaningful action is expected to return to the markets only in the week after next. However, with Gustav knocking at the door, the four days of trading we get next week, may not lack any drama at all," 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.

Read the rest of this entry »

New York silver, gold and platinum bucked the normal trend, rising Thursday while crude-oil fell and the U.S. dollar gained strength.

Silver for October settled to $13.63 an ounce, gaining 13 cents, or 0.9 percent.

October platinum gained a sharp $43.50, or 3 percent, to end at $1,484.20 an ounce. The metal was helped by Impala Platinum’s chief executive citing stronger demand.

December gold rose by $3.20, or 0.4 percent, to close at $837.20 an ounce.

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New York gold and platinum futures rose with higher oil prices and a weaker U.S. dollar Wednesday. Silver fell nearly 1 percent.

Crude oil for October finished up $1.88 to $118.15 a barrel on furthering concerns over Hurricane Gustav’s threat to the Gulf, and Energy Department data showing unexpected declines in U.S. gas and crude supplies.

Silver for October settled to $13.50 an ounce, losing 0.8 percent.

October platinum gained $19.70, or 1.4 percent, to end at $1,440.70 an ounce.

December gold climbed $5.90 to close at $834.40 an ounce.

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New York Gold tumbled early but recovered to register a small gain as oil prices climbed on concerns that Hurricane Gustav could threaten oil production in the Gulf.

Crude oil for October finished up $1.16 to $116.27 a barrel.

Silver for September gained 11 cents to close to $13.58 an ounce.

October platinum dropped 1% to end at $1,421 an ounce.

December gold shook off earlier losses to climb $2.40 to close at $828.10 an ounce, sharply higher than its intraday low of $812 an ounce.

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Overwhelming demand forced the United States Mint to suspend one-ounce American Eagle gold coin sales to their network of Authorized Purchasers on August 17.

The suspension of the investment gold coins has been lifted — at least on a limited basis, according to a U.S. Mint memo to its authorized dealers on August 22.

“The unprecedented demand for American Eagle gold one-ounce bullion coins necessitates our allocating these coins among the authorized purchasers on a weekly basis until we are able to meet demand."

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Precious metals enjoyed positive gains this week with London silver, gold and platinum rising 4.69 percent, 3.32 percent and 3.26 percent respectively. Stocks and the U.S. dollar rallied, as oil plunged Friday.

October crude-oil fell sharply Friday by $6.59 to close to $114.59 a barrel. Its one-day percentage loss was the biggest since 2004.

London silver closed to $13.62 an ounce — a gain of 61 cents the week and 80 cents from last Friday.

London platinum increase to $1,427 an ounce — a rise of $45 for the week and $27 from last Friday.

London gold rose to $824 an ounce, gaining $27 for the week and $37 from last Friday.

"The outlook for the U.S. dollar clearly remains to strengthen against the euro," said Dresdner Kleinwort consultant Peter Fertig. "We expect the European Central Bank will cut rates in the first quarter of next year."

"With oil prices coming down, headline inflation should decline considerably next year and that would be another nail in the coffin of the gold bulls," he added.

In economic news, Federal Reserve Chairman Ben Bernanke soothed inflation fears and supported the dollar with his comments Friday.

“The recent decline in commodity prices, as well as the increased stability of the dollar, has been encouraging.

If not reversed, these developments, together with a pace of growth that is likely to fall short of potential for a time, should lead inflation to moderate later this year and next year.”

Gold typically 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.

Read the rest of this entry »