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.
CoinNews London Fix Charts: Silver, Gold and Platinum
(Aug 18-22)
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
Aug 18-22
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
4.7%
|
$0.61
|
$13.62
|
| Gold |
X
|
|
3.3%
|
$27
|
$824
|
| Platinum |
X
|
|
3.3%
|
$45
|
$1427
|
Week change numbers are for Monday-Friday.
Aug 11-15
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-16.4%
|
-$2.52
|
$12.82
|
| Gold |
|
X
|
-8.9%
|
-$77
|
$787
|
| Platinum |
|
X
|
-10.8%
|
-$170
|
$1400
|
Week change numbers are for Monday-Friday
Aug 4-8
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-9.3%
|
-$1.61
|
$15.76
|
| Gold |
|
X
|
-6.3%
|
-$58
|
$853
|
| Platinum |
|
X
|
-4.8%
|
-$79
|
$1552
|
Week change numbers are for Monday-Friday.
July 28-Aug 1
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-0.7%
|
-$0.12
|
$17.59
|
| Gold |
|
X
|
-1.8%
|
-$17
|
$913
|
| Platinum |
|
X
|
-4.4%
|
-$77
|
$1675
|
Week change numbers are for Monday–Friday.
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- August 22 – Gold futures end lower for the day, but higher for the week – MarketWatch
Gold futures closed lower Friday, pressured by falling oil prices and a rally in the U.S. dollar against other major currencies, but prices for the precious metal finished the week more than 5% higher.
- August 22 – Gold ends lower as dollar recovers, oil tumbles – Reuters
Gold prices ended lower on Friday as the dollar rebounded against the euro and oil prices fell as much as $7 a barrel, denting the precious metal’s appeal as an inflation hedge.
- August 22 – Thus Spake Bernanke. Messages from Jackson Hole. – Jon Nadler
Gold prices fell during this winning week’s final session, reaching lows of near $823 as participants continued to ponder whether the 5% rally from last Friday’s 775 lows was real or just virtual reality..
Business week overview and wrap-up by Reuters News
Two influential American voices expressed confidence the U.S. economy will pull out of its current slump. Comments from Federal Reserve Chairman Ben Bernanke and influential billionaire investor Warren Buffett, along with a sharp slide in oil prices and speculation of a deal involving troubled Wall Street firm Lehman Brothers, sparked a solid rally in the stock market.
In stock market action, the three major US indexes:
-
The Dow gained 197.85 points Friday to close at 11,628.06, and dropped 0.3% for the week.
-
The S&P 500 rose 14.48 points Friday, closing to 1,292.20.
- The Nasdaq gained 34.33 points Friday to finish at 2,414.71, and lost 1.5% for the week.
In other world markets:
-
The German DAX gained 105.46 points to close at 6,342.42.
-
The Paris CAC 40 climbed 95.84 points to close at 4,400.45.
- And the London FTSE 100 rose 135.4 points to close at 5,505.6.
Conway Gittens reports from New York.
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