Precious metals picked up moving in parallel with rising oil prices and inversely with a weakness in the US dollar. Silver and gold benefited the most, both rising over 4% for the week in London. Platinum increased by nearly 2%.
Silver closed to $17.44 an ounce, gaining of $1.13 compared to last Friday’s close.
London Platinum closed the week to $2,068, which was up $25 compared to its previous Friday close.
Gold closed Friday to $908 an ounce, gaining $42 from last Friday.
“Long- and short-term investors, with their eyes on the dollar and oil, took gold prices higher,” said Julian Phillips, an analyst at GoldForecaster.com.
“If good news for oil doesn’t push it down, what will?” asked Phillips. “It seems the market doesn’t want talk — it wants action [and] until it gets it, the prospects are good for gold and silver.”
The silver, gold and platinum weekly charts and comparisons from last week are below. The weekly business recap video from Reuters and three related precious metal articles are listed as well.
CoinNews London Fix Charts: Silver, Gold and Platinum
(June 16-20)
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 change after Friday’s close
June 16-20
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
4.2%
|
$0.71
|
$17.44
|
| Gold |
X
|
|
4.1%
|
$36
|
$908
|
| Platinum |
X
|
|
1.9%
|
$38
|
$2068
|
Week change numbers are for Monday-Friday.
London Fix: June 9-13
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-6.6%
|
-$1.15
|
$16.31
|
| Gold |
|
X
|
-4.2%
|
-$38
|
$866
|
| Platinum |
|
X
|
-1.1%
|
-$23
|
$2043
|
Week change numbers are for Monday-Friday
London Fix: June 2-6
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
2.0%
|
$.33
|
$16.86
|
| Gold |
|
X
|
-0.1%
|
-$0.75
|
$888
|
| Platinum |
X
|
|
2.9%
|
$57
|
$2050
|
Week change numbers are for Monday-Friday.
London Fix: May 27-30
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-7.1%
|
-$1.29
|
$16.85
|
| Gold |
|
X
|
-4.1%
|
-$38
|
$886
|
| Platinum |
|
X
|
-7.7%
|
-$167
|
$2,008
|
Week change numbers are for Tuesday-Friday.
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- June 20 – Gold ends above $900 to gain nearly 4% on week – MarketWatch
Gold futures closed with a modest loss Friday but remained above the $900-an-ounce level to finish the week with a gain of almost 4% as rising oil prices and weakness in the dollar fueled investment demand for the precious metal.
- June 20 – Gold ends tad lower, focuses Saudi oil meeting – Reuters
Gold ended slightly lower Friday on preweekend profit taking despite a recovery in crude oil prices and a lower dollar against the euro following tough anti-inflation comments from the European Central Bank.
- June 20 – October Surprise? In June? – Jon Nadler
Friday’s New York gold was once again range-bound and repeated yesterday’s pattern of early gains followed by afternoon declines, although today’s focus was a near $3 gain in crude oil following news of an ominous June 2nd Israeli military drill and current threats by Venezuela’s Hugo Chavez to suspend oil shipments to the EU.
Business week overview and wrap-up by Reuters News
The banking sector suffered significant damage as fresh worries about the credit climate struck that sector. Merrill Lynch was in the spotlight after rumors it faces more writedowns.
The three major US indexes:
-
The Dow dropped 220.40 points to close at 11,842.69 Friday. For the week the Dow lost 3.8%.
-
The S&P 500 lost 24.90 points Friday to close at 1,317.93.
- The Nasdaq fell 55.97 points Friday to finish at 2,406.09. It lost 2.0% for the week.
In other world markets:
-
The German DAX lost 142.73 points to close at 6,578.44.
-
The Paris CAC 40 dropped 82.12 points to close at 4,509.27.
- And the London FTSE 100 lost 87.60 points to close at 5,620.80.
Diane King reports from New York. Speaker: Fadel Gheit, Oil Analyst, Oppenheimer
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