London gold, which is used as a benchmark for immediate delivery, lost 3.1 percent for the week. Silver and platinum showed strength, rising 1.3 percent and 6.7 percent, respectively. Europe and U.S. indexes closed lower. The Dow lost 4.8 percent, the S&P fell 4.5 percent and the Nasdaq dropped 3.7 percent from last Friday’s close.
New York crude-oil for February delivery closed to $40.83 a barrel, falling 87 cents on Friday and losing 12 percent on the week.
AAA said the average price for unleaded gasoline on Saturday settled to $1.79 a gallon compared to $1.664 a month ago.
London silver ended at $11.22 an ounce, gaining 14 cents since last Friday’s close.
London gold closed to $847.25 an ounce, falling $27.25 for the week.
London platinum settled to $988 an ounce, rising $62 since last Friday.
"Gold continues to meander in the broader $830-$890 channel and a break through either end of that price spectrum could usher in a $40 to $50 follow-through that could bring values to either $775 or to $940," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"And, at, and beyond those levels, the fun could really extend by about the same incremental amounts," 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.
Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and four related precious metal articles.
CoinNews London Fix Charts: Silver, Gold and Platinum
(January 2-9)
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
(January 2-9)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
1.3%
|
$0.14
|
$11.22
|
| Gold |
|
X
|
-3.1%
|
-$27.25
|
$847.25
|
| Platinum |
X
|
|
6.7%
|
$62
|
$988.00
|
Week change numbers are for Friday PM-Friday PM
Bullion articles of interest
In related news, interesting or quick-read articles:
- January 9 – Gold ends almost flat amid job losses, rising dollar – MarketWatch
Gold futures closed nearly unchanged Friday but marked their first weekly loss in five weeks, as newly released U.S. jobs data increased safe-haven buying while a stronger dollar made the metal less appealing as an investment alternative.
- January 9 – Gold Rises on Speculation Dollar to Drop on Recession – Bloomberg
Gold rose for a second day on speculation that the dollar will slide as the recession deepens, boosting the appeal of the precious metal as an alternative investment. Silver also gained.
- January 9 – Labor Pain(s) – Jon Nadler, Kitco
New York gold dealings opened with a tilt towards lower values, and finished with only a very modest book-squaring related shortcovering climb in futures, as players digested the jobs data and as crude oil…
- January 6 – US Mint Gold, Platinum and Silver Coin Sales Figures, Jan 6 – CoinNews
Since the previous US Mint sales figures were reported, the one-quarter ounce 2008-W American Eagle Gold Proof coin has sold out, and that happened Monday.
Video: Business week and stocks news by Reuters
As the economic recession deepens, the unemployment rate surged to the highest level in 16 years pushing investors to the sidelines. Friday numbers for the three major US indexes follow:
-
The Dow lost 143.28 points Friday to close at 8,599.18. For the week, the Dow lost 4.8 percent.
-
The S&P 500 fell 19.38 points Friday, closing to 890.35. The S&P lost 4.5 percent on the week.
- The Nasdaq dropped 45.42 points Friday to finish at 1,571.59. It lost 3.7 percent from last Friday’s close.
In other world markets:
-
The German DAX lost 96.02 points to close at 4,783.89.
-
The Paris CAC 40 declined 24.83 points to close at 3,299.50.
- And the London FTSE 100 dropped 56.83 points to close at 4,448.54.
Diane King reports from New York. SOUNDBITE: President-elect Barack Obama
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