Gold and silver moved lower on the week, but platinum, oil and world stocks finished higher. The London gold fixing ended down 3.1 percent while silver dropped 3.2 percent. Platinum, however, rose 1.9 percent.
For the third straight week, U.S. stocks rallied higher and have marked the best 14 days in seven decades. Since last Friday’s close, the Dow jumped 6.8 percent, the S&P 500 gained 6.2 percent, and the Nasdaq added 6.0 percent. European stocks were higher as well.
In crude-oil news, demand fears pushed New York futures lower Friday. Crude for May delivering plunged $1.96, or 3.6 percent, to $52.38 a barrel. Overall, oil gained for the sixth consecutive week, but only by 0.6 percent.
Meanwhile, AAA said the average price for unleaded gasoline on Saturday was $2.038 a gallon compared to $1.882 a month ago and $3.275 a year ago.
Coming back to precious metals numbers, London silver ended Friday at $13.22 an ounce, losing 43 cents since last Friday’s close.
London gold closed to $924.00 an ounce, falling $30.00 for the week.
London platinum climbed to $1,131.00 an ounce, rising $21.00 on the week.
"It’s [gold] all dollar related," David Thurtell, an analyst at Citi, was quoted on Reuters. Thurtell believes "Gold’s going to track between $875 an ounce and $950 in the next 18 months."
"Platinum group metal prices jumped in part on a more favorable outlook for platinum jewelry demand," James Steel, an analyst at HSBC Securities, was quoted on Bloomberg. "The relatively narrow price premium between platinum and gold has encouraged some consumers to shift to platinum jewelry at the expense of gold jewelry."
Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and related precious metal and business article links.
London Fix Charts: Silver, Gold and Platinum
(Mar. 20-27)
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*
(Mar. 20-27)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-3.2%
|
-$0.43
|
$13.22
|
| Gold |
|
X
|
-3.1%
|
-$30.00
|
$924.00
|
| Platinum |
X
|
|
1.9%
|
$21.00
|
$1131.00
|
(Mar. 13-20)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
4.1%
|
$0.54
|
$13.65
|
| Gold |
X
|
|
2.8%
|
$26.00
|
$954.00
|
| Platinum |
X
|
|
5.9%
|
$62.00
|
$1110.00
|
(Mar. 6-13)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-2.6%
|
-$0.35
|
$13.11
|
| Gold |
|
X
|
-0.9%
|
-$8.00
|
$928.00
|
| Platinum |
|
X
|
-2.1%
|
-$23.00
|
$1048.00
|
(Feb. 27 – Mar. 6)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
1.9%
|
$0.25
|
$13.46
|
| Gold |
|
X
|
-1.7%
|
-$16.00
|
$936.00
|
| Platinum |
X
|
|
1.1%
|
$12.00
|
$1071.00
|
(Feb. 20 – Feb. 27)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-7.5%
|
-$1.07
|
$13.21
|
| Gold |
|
X
|
-3.7%
|
-$37.00
|
$952.00
|
| Platinum |
|
X
|
-2.5%
|
-$27.00
|
$1059.00
|
Bullion articles of interest
In related news, interesting or quick-read articles:
- Mar. 27 – Gold ends lower on stronger dollar – MarketWatch
Gold futures fell Friday, extending losses for the week to more than 3% as the U.S. dollar gained ground against most of its major rivals, reducing the metal’s investment appeal…
- Mar. 27 – Gold ends lower as dollar rises; ETF at record – Reuters
Gold fell on Friday as precious metals came under pressure from a strengthening dollar and reduced safe-haven demand after recent U.S. steps to stem an economic crisis…
- Mar. 27 – The NEW Rules of the Game – Jon Nadler, Kitco
Gold prices lost more than 1.25% ($12) of the ground they occupied in the early hours of the day, and sank closer to $920 ahead of the NY market’s opening…
- Mar. 27 – Lincoln Silver Dollars and Cent Rolls Sell Out – CoinNews
The uncirculated Lincoln Silver Dollar sold out Tuesday, the Lincoln Cent Birthplace Rolls sold out Thursday, and the proof Lincoln dollar joined the sellout list Friday morning.
- Mar. 27 – First Spouse Gold Coin Sales Figures – First Spouse Coins
Last week’s US Mint sales figures showed how collectors were focused on buying the newly released 2009 Anna Harrison Spouse Coins, to the detriment of the remaining 2008 gold options.
- Mar. 26 – US Mint Silver Coin Sales Drop – Silver Coins Today
Fewer collectors have been buying United States Mint silver coins and sets lately, according to the latest Mint sales stats…
- Mar. 26 – Lincoln Bicentennial Dollar, Lincoln Cent & UHR Sales Figures – Mar 26 – CoinNews
In this week’s reported US Mint figures, Lincoln Silver Dollar sales sprinted toward the finish as one coin sold out, sales of Lincoln Birthplace penny rolls were hopping mad, and Ultra High Relief (UHR) Eagle Gold coins picked up steam. To the numbers…
Video: Business week and world stocks news – Reuters
Investor sentiment was hurt on Friday after the heads of two major U.S. banks suggested business conditions weakened in March. Friday numbers for the three major US indexes follow:
-
The Dow lost 148.38 points to close at 7,776.18.
-
The S&P 500 fell 16.92 points, closing to 815.94.
- The NASDAQ declined 41.80 points to finish at 1,545.20.
And in other world markets:
-
The German DAX fell 55.82 points to close at 4,203.55.
-
The Paris CAC 40 lost 51.45 points to close at 2,840.62.
- And the London FTSE 100 declined 26.35 points to close at 3,898.85.
Conway Gittens reports from New York. SPEAKER: Vikram Pandit, chief executive, Citigroup
