Gold, silver and platinum were pressured lower Friday, but ended higher for the week in London. London silver, gold and platinum prices climbed 4 percent, 7.7 percent, and 4.4 percent, respectively. The Dow and S&P sank just over 18 percent, while the Nasdaq lost 15.3 percent.

November crude-oil on Nymex fell $8.89 Friday to settle to $77.70 per barrel, registering a 17 percent loss for the week and the lowest level in more than a year.

London silver ended at $11.74 an ounce — a gain of 45 cents on the week, or 54 cents from last Friday.

London gold climbed to $901 an ounce, gaining $64 for the week and $73 from last Friday.

London platinum settled at $1001 an ounce — a loss of $42 for week.

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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.

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Gold and silver enjoyed sharp gains in a week where markets were up and down over concern for worsening financial conditions. Within a 48-hour span, gold rose and fell by the largest amount in 28 years. In the end, London gold and silver posted weekly gains of 11.5 percent and 12.1 percent, respectively. Platinum dropped 3.8 percent.

October crude-oil on Nymex closed at $104.55 per barrel, gaining 3.3 percent for the week.

London silver closed up to $12.15 an ounce — a gain of $1.31 on the week, or $1.35 from last Friday.

London platinum fell to $1,155 an ounce — a loss of $45 for the week, or $32 from last Friday.

London gold declined to $869 an ounce, falling $90 for the week and $119 from last Friday.

"A new era began today. There is hardly any other way to describe the possible outcome of the measures which the US an other authorities took in order to deploy the parachutes designed to stop this week’s freefall in global confidence and markets," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Those who are brave enough to declare that ‘This is IT’ or express confidence that gold/the dollar/stocks/housing/etc. will now follow a clear path this way, or that, will very likely live to eat their initial prognostications with a ladle full or yummy crow. Within days. Thus, we say, ‘wait and see’," 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 »

Gold snapped its longest losing streak in 8 years Friday to climb with other precious metals. The upward moves helped recover metal losses for the week where London silver, gold and platinum plunged 12.8 percent, 7 percent and 13 percent, respectively. The Dow gained 1.8 percent and the Nasdaq 0.2 percent.

October crude-oil on Nymex briefly touched $99.99 Friday, but rose slightly by 31 cents to close to $101.18 per barrel with concerns over Hurricane Ike.

London silver closed down to $10.80 an ounce — a loss of $1.58 on the week, or $1.92 from last Friday.

London platinum fell to $1,187 an ounce — a drop of $178 for the week, or $200 from last Friday.

London gold declined to $750 an ounce, falling $56 for the week and $59 from last Friday.

"Bullion’s gains today came primarily from a slew of background financial news on Lehman and WaMu’s woes which unsettled the money markets enough to have the US dollar drop," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Next week promises to be quite dollar-centric as we might learn Lehman’s fate and continue the house-cleaning process that is now at least a year-old. It will also be time to tally Ike’s damage and project where US energy supplies will be heading before fall sets in," 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 »

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.

Read the rest of this entry »

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 »

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 »

Precious metals took brutal body blows this week with London silver, gold and platinum falling 16.4 percent, 8.9 percent and 10.8 percent respectively. A dominating U.S. dollar matched against weaker global currencies helped push the metal losses. Falling crude oil played its part as well.

September delivery of crude dropped to $113.57 a barrel.

London silver closed the week to $12.82 an ounce — a loss of $2.52 for the week and $2.94 from last Friday.

London platinum fell to $1,400 an ounce — a drop of $170 for the week and $152 from last Friday.

London gold closed to $787 an ounce, losing $77 for the week and $67 from last Friday.

"This week’s sheer massacre in values will represent the largest such decline in 25 years for the yellow metal," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Attribute these moves to whatever causes you like, but do not live in denial. The markets have shifted into a new phase, its participants have voted, and they are telling you that the growth worries have shifted to economies outside the US. Expectations are that (albeit not in a straight line) the dollar will continue higher."

Gold typically follows oil and moves opposite to the dollar, 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 »

The dollar’s rally against other major currencies and the continual slippage in crude oil prices surged US stocks forward while silver, gold and platinum took it on the chin.

The precious metals experienced their third consecutive weekly losses in London with silver falling 9.3 percent, gold 6.3 percent and platinum 4.8 percent.

Earlier talk of $200-per-barrel oil prices by year’s end has been replaced by forecasts for $100. Oil’s easing has punished precious metals, making them less attractive for investors.

London silver closed the week to $15.76 an ounce — a loss of $1.61 for the week and $1.83 from last Friday.

London platinum fell to $1,552 an ounce — a drop of $79 for the week and $123 from last Friday.

London gold closed to $853 an ounce, losing $58 for the week and $61 from last Friday.

"Beijing’s 30,000 fireworks paled in comparison to the millions that were likely lost in today’s Great Unwind," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"The only ones apparently left “going for (the) gold” are now the athletes competing in China. "

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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Precious metals slid lower for the week with platinum feeling the worst of it after poor automotive results were announced. The metal is used in catalytic converters, which accounts for some 50 percent of its demand. Silver lost 12 cents for the week and gold dropped $17 mostly due to lower oil prices and strength in the US dollar.

London silver closed the week to $17.59 an ounce — a gain of 4 cents from last Friday.

London platinum fell to $1,675 an ounce — a drop of $77 for the week and a loss of $51 compared to its previous Friday close.

London gold closed to $913 an ounce, losing $8.50 from last Friday.

"The metal [gold] turned higher in late trading, following gains in crude oil precipitated by Israeli statements regarding the "unacceptable" stage that Iranian nuclear development is reaching," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Platinum-group metals fell sharply, following yesterday’s US GDP figures for Q4 2007, this morning’s $15.5 billion Q2 2008 loss reported by GM, and by a further 13.3 percent fall in Ford auto sales."

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 »