A strong US greenback was credited for New York silver gold and platinum losses Thursday. Gold’s decline marks the fifth consecutive day of poor performance for the yellow metal.
Silver for September delivery lost 25 cents to close to $16.26 an ounce.
October platinum lost $27.40, falling to $1,582.60 an ounce.
December gold dropped $5.10 to finish at $877.90 an ounce.
New York gold and silver fell Tuesday following a decline in oil prices and strength from the U.S. dollar. Platinum recovered some of its Monday losses.
Oil lost more than $2 to close to $118 a barrel. Reuters’ Jan Harvey wrote that traders "focused on rising OPEC supply and easing demand in the United States and Europe."
Silver plunged 57 cents to close to $16.57 an ounce.
Platinum bucked the general commodities sell off and finally posted positive ground, gaining $21.50 to end at $1,584.50 an ounce.
Gold lost $21.80 to end the day at $886.10 an ounce. Its intraday high was $903.90.
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.
Despite a decrease in crude oil prices, New York precious metals surged higher Thursday as US economic news weakened the dollar. Gold recovered most of Wednesday’s losses by rising 1.1 percent rise.
And for the economic news… Real GDP fell 0.2% in the the fourth quarter of 2007, compared with the 0.6% increase previously reported, first-time jobless claims for the week ending July 26 rose 44,000 to 448,000, and real growth accelerated in the second quarter to a 1.9% annual rate, which was lower than forecasts.
Oil lost $3 to close to $124 a barrel.
Silver climbed 32 cents to close to $17.79 an ounce.
Platinum jumped $23.80 to end at $1,761.90 an ounce.
Gold gained $10.40 to finish the day at $922.70 an ounce. Its intraday high was $933.70 an ounce. For the month of July, it lost $11.
New York gold was driven lower during an earlier sell-off Wednesday, but recovered some of its losses to close above $900 an ounce after the US dollar showed weakness. A late oil rally and reduced inflation fears also lent support for the yellow metal.
Oil gained $4.58 to close at $126.77 a barrel.
Silver gained the 9 cents it lost yesterday to close to $17.47 an ounce.
Platinum lost $7.30 to end at $1,738.10 an ounce. Goldman Sachs and Standard Chartered cut their platinum price forecasts for this year and next, lowering their expectations by $200-300 from previous forecasts.
Gold recovered from an intraday low of $895.20, closing to $902.90 an ounce for a loss of $13.60.
New York silver, gold and platinum dropped Tuesday as investors sold the metals in light of falling crude oil prices, a sharply rising US dollar that reached its highest level in a month, and rallying US stocks. Increased US consumer confidence also helped to push down precious metal support.
Oil dropped to $122.19 a barrel, losing $2.54. Newly released data showed demand turned south in May with Americans driving 10 billion fewer collective miles in the month.
Silver lost 9 cents to close at $17.38 an ounce.
Platinum fell sharply to $1,745.40 an ounce for a daily loss of $31.30.
Gold dropped $11.20 to close to $916.50 an ounce — to mark a one-month low. Its intraday low was $913.80.
Gold took its negative direction this week from tumbling oil prices and a stronger US dollar. Platinum faired worse by reaching toward six-month lows earlier, but managed to recover some of its lost ground Friday.
London silver closed the week to $17.55 an ounce — a loss of $1 from last Friday and a drop of 80 cents for the week.
London platinum fell to $1,726 an ounce — a drop of $146 for the week and a loss of $123 compared to its previous Friday close.
London gold closed to $921 an ounce, losing $46 for the week, or $40 from last Friday.
"In the short term, gold will remain at the mercy of both oil and the dollar," said James Moore, an analyst at TheBullionDesk.com.
"However, we still believe the current geopolitical/economic environment will keep investors in a more cautious mood, with demand for safe-haven-type assets likely to remain high," Moore said in a note.
The silver, gold and platinum weekly charts and comparisons from last week are below. The weekly business recap video from Reuters and three related precious metal articles are listed as well.
New York platinum continued its free fall Thursday while gold stopped bleeding to close just slightly lower. Crude-oil gained $1.05 to end at $125.49 a barrel, but a firm US dollar kept gold in check.
Car demand fear was cited for platinum’s loss, as the metal is used in catalytic converters. The metal is near a six month low.
Silver dropped 16 cents to $17.30 an ounce.
Platinum continued its losing streak, falling sharply to $1,713.80 an ounce for a daily drop of $47.
Gold lost just 50 cents, closing to $922.50.
New York silver, gold and platinum continued their slide downward Wednesday following lower crude-oil prices, and moving opposite of the US dollar.
Oil was below $125 a barrel, mellowing inflation worries. The dollar gained against the euro.
Silver lost 54 cents to $17.46 an ounce.
Platinum continued its free fall, dropping to $1,760.80 an ounce for a daily loss of $47.40.
Gold closed to $922.80, losing $25.70 for the day. It’s lowest intraday mark was $922 an ounce.
New York precious metals dropped sharply Tuesday while oil was driven lower and the US dollar gained strength following comments from Treasury Secretary Paulson and Philadelphia Fed President Charles Plosser.
Both reaffirmed support for a strong dollar, signaling potential interest rates hikes.
Silver dropped sharply, losing 43 cents to close at $18 an ounce.
Platinum plunged by $42.80 to stop at $1,808.20.
Gold lost $15.20 to end at $948.50 an ounce, and was as low as $944.50 per ounce.
