Precious metals rallied with joy Friday despite a strong U.S. dollar and falling oil prices. New York silver, gold and platinum futures surged 7.8 percent, 5.3 percent and 3.9 percent respectively.
December crude-oil lost more than half of Thursday’s gain, falling $1.30, or 2.2 percent, to close to $57.05 a barrel. According to AAA, the good news for consumers is the average price for unleaded gasoline fell to $2.15 a gallon — a far cry from its $3.13 average just a month ago.
December silver regained all of Thursday’s loss, plus a penny, rising 69 cents to end at 9.49 an ounce.
January platinum rose $32.10 to settle at $845.10 an ounce.
Gold for December surged $37.50 to close to $742.50 an ounce.
"New York’s Friday session managed to bring gold into the winning column for the week, with futures gaining $37 and spot prices rising $14 to $750.00 per ounce," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"The gains came despite a smallish drop in the Dow, a $1 slide in crude oil, and a dollar that kept on the plus side, at 86.60 on the index. Thus, a commendable performance overall," added Nadler.
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. When prices are falling and economic activities are shrinking, gold prices tend to move lower.