Precious metal prices were pushed higher this week, with gold helped by oil prices marking their first weekly gain in a month and a U.S. dollar that was sporadic at times. In notable news for metals, platinum broke a five-week losing streak.
Although U.S. stocks closed mixed on Friday, they ended with the biggest weekly gains since mid-March. European stocks finished higher as well, breaking a four-week losing streak.
For London weekly gaines, gold climbed 2.7 percent, silver jumped 4.2 percent, and surged 6.4percent. Precious metal figures follow:
Silver closed Friday to $13.16 an ounce, gaining 53 cents from last Friday’s close.
Gold was fixed at $937.50 an ounce, an increase of $24.50 for the week.
Platinum soared to $1165.00 an ounce, a $70 jump for the week.
"Once the price of oil started to perk up, gold buyers were not far behind in the buying crowd,"wrote Jon Nadler, senior analyst at Kitco Inc. "Bullion turned up from the mid-$930s and once again approached $940, before backing off."
"Fresh buying will be supported by a weakening dollar and a build in inflation expectations," Suki Cooper, a Barclays Capital analyst in London, was quoted on Bloomberg.
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.
To follow are silver, gold and platinum performance charts, precious metal articles, oil news and week-ending world stock summaries.
London Fix Charts: Silver, Gold and Platinum
(July 10-17)
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*
(July 10-17)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
4.2%
|
$0.53
|
$13.16
|
| Gold |
X
|
|
2.7%
|
$24.50
|
$937.50
|
| Platinum |
X
|
|
6.4%
|
$70.00
|
$1165.00
|
(July 3-10)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-6.0%
|
-$0.81
|
$12.63
|
| Gold |
|
X
|
-2.1%
|
-$19.50
|
$913.00
|
| Platinum |
|
X
|
-7.6%
|
-$90.00
|
$1095.00
|
(June 26 – July 3)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-5.8%
|
-$0.82
|
$13.44
|
| Gold |
|
X
|
-1.0%
|
-$9.50
|
$932.50
|
| Platinum |
|
X
|
-1.5%
|
-$18.00
|
$1185.00
|
(June 19-26)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
0.2%
|
$0.03
|
$14.26
|
| Gold |
X
|
|
0.7%
|
$6.75
|
$942.00
|
| Platinum |
|
X
|
-0.7%
|
-$9.00
|
$1203.00
|
(June 12-19)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
5.6%
|
-$0.84
|
$14.23
|
| Gold |
|
X
|
-0.2%
|
-$2.00
|
$935.25
|
| Platinum |
|
X
|
-2.3%
|
-$29.00
|
$1212.00
|
Bullion articles of interest
In related news, interesting or quick-read articles this week:
- Gold rises on new inflation wariness – MarketWatch
Gold prices rose on Friday and ended the week with a modest gain, as a fresh increase in commodities prices rekindled investor interest in the metal as a hedge against inflation…
- Gold Gains on Inflation-Hedge Demand, Higher Oil; Silver Climbs – Bloomberg
Gold advanced on rising demand for the precious metal as a hedge against inflation after U.S. housing starts increased in June, adding to signs the world’s biggest economy is stabilizing. Silver also gained…
- Mind the Gap, Please – Jon Nadler, Kitco
Consolidation punctuated by bouts of profit-taking, followed by small-scale pre-weekend buying, followed by more light selling, was the emerging theme (if there was one) in precious metals overnight, and on Friday…
- Bullion Eagle Mania, Proof Sets and Lincoln Cents Slow – CoinNews
Recent sales of 2009 Proof Sets hiccup, Braille Silver Dollars crawl, Lincoln Rail Splitters lose luster and, well… the list goes on for nearly every US Mint coin or set. Collectors appear to be sleeping through the summer when it comes to buying modern coins. There is one, no make that two notable exceptions: American Eagle Gold and Silver bullion coins…
- US Mint First Spouse Gold Coin Sales Figures – First Spouse Coins
There are no exceptionally flashy numbers to report in the latest round of US Mint First Spouse Gold Coin sales figures.With the exception of the two newest issues, no First Lady commemorative managed to surpass 46 in news sales last week…
- US Mint Silver Coin Sales Lower, Silver Eagles Flying – Silver Coins Today
US coin sales are usually mixed with both ups and downs when comparing week-over-week performances. Not so for last week. Sales declined for all US Mint collector silver coin and set offerings. However, in what could be a hint for next week’s collector coin numbers, bullion silver coins (non collector versions) have been blistering hot….
- Silver Eagles Near 15M, Gold Eagles Hit 800K – Coin Sales Figures
Bullion coin sales increased all around during the last seven days, as American Eagle Silver Coins jumped toward 15 million for the year and the American Eagle Gold Coins hit an even 800,000. The gains were better than those from the prior week, although sales had likely been affected then by the extended 4th of July weekend…
World business news; oil, gasoline, and stocks prices
Oil rose Friday to mark a third day of gains "as upbeat U.S. housing data raised hopes for an economic recovery" and as "some traders who had been shorting, or selling without owning, the front-month contract have to buy it back to cover their positions before the contract expires Tuesday," writes Moming Zhou and Polya Lesova of MarketWatch.
New York crude-oil for August delivery jumped $1.54, or 2.5 percent, on Friday to close at $63.56 a barrel — an increase of 6.1 percent for the week.
The national average Saturday for unleaded gasoline moved to $2.472 a gallon, according to AAA. The price is nine-tenths of a cent lower than Friday, 7.7 cents less than a week ago, 21.3 cents down from a month back, and $1.63 lower than a year ago.
U.S. stocks closed mixed on Friday, but jumped for the week as the Dow soared 7.3 percent, the S&P surged 7.4 percent, and the Nasdaq gained 7.0 percent. Friday closing figures for the three major US indexes follow:
-
The Dow rose 32.12 points to close at 8,743.94.
-
The S&P 500 declined 0.36 points, closing to 940.38.
- The NASDAQ added 1.58 points to finish at 1,886.61.
And in other world markets on Friday:
-
The German DAX gained 21.21 points to close at 4,978.40.
-
The Paris CAC 40 rose 18.78 points to close at 3218.46.
- And the London FTSE 100 advanced 26.91 points to close at 4,388.75.
While caution still prevails on Wall Street — stocks closed out the week with the biggest gains since mid-March. U.S. housing starts jump the most since December 2004. Jeanne Yurman reports on these and other business news. SOUNDBITE: David Wyss, Chief Economist, Standard & Poor’s.
