Gold increased sharply by 4.5 percent this week and hit a four-month high Friday. Silver climbed 3 percent and platinum gained 2.2 percent. Major precipitating factors cited for the gains include U.S. stocks marking a 2-year low, heightened oil prices and concern over escalating tensions between Iran and the West.
London silver closed to $18.38 an ounce — a healthy gain of 37 cents compared to last Friday’s close.
London platinum closed the week to $2,030, an increase of $18 compared to its previous Friday close.
London gold closed Friday to $963 an ounce, gaining $32 from last Friday and up $42 for Monday through Friday.
“Safe-haven oriented gold buying was the theme, but the gain is clearly attributable to the turnaround in oil and the apparent imminence of an air strike against Iran,” commented senior Kitco analyst Jon Nadler.
"The growing sense of concern over the stability of the financial system is starting to teeter on the edge of a panic," said Peter Spina, chief investment analyst at GoldSeek.com.
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
(July 7-11)
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, plus previous weeks
July 7-11
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
3.0%
|
$0.53
|
$18.38
|
| Gold |
X
|
|
4.5%
|
$41.75
|
$963
|
| Platinum |
X
|
|
2.2%
|
$44
|
$2030
|
Week change numbers are for Monday-Friday.
June 30 – July 4
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
2.0%
|
$0.36
|
$18.01
|
| Gold |
|
X
|
-0.2%
|
-$2
|
$931
|
| Platinum |
|
X
|
-3.1%
|
-$65
|
$2012
|
Week change numbers are for Monday-Friday
London Fix: June 23-27
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
1.2%
|
$0.21
|
$17.40
|
| Gold |
X
|
|
1.6%
|
$14
|
$920
|
| Platinum |
|
X
|
-0.3%
|
-$7
|
$2053
|
Week change numbers are for Monday-Friday.
London Fix: 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.
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- July 11 – Gold futures surge 2% on rising oil, Iran tensions – MarketWatch
Gold futures rallied Friday to their highest level since mid-March, as soaring oil prices, mounting tensions between Iran and the West and a sell-off on Wall Street prompted investors to seek a safe haven in the precious metal.
- July 11 – Gold hits four-month high on record oil – Reuters
Gold rallied more than 2 percent to a four-month high on Friday as the dollar slumped against the euro, oil soared to a record high and equity markets floundered on credit crisis fears.
- July 11 – Got Any HOT Tips? – Jon Nadler
Crude oil scaled new peaks on Friday, as perceptions that supplies would be impaired in the event of a regional war in the Middle East overwhelmingly dominated all markets today.
Business week overview and wrap-up by Reuters News
U.S. stocks took a beating on Friday after new worries about the nation’s top mortgage providers and oil’s record high of $147 put investors in a foul mood.
The three major US indexes:
-
The Dow lost 128.48 points to close at 11,100.54.
-
The S&P 500 dropped 13.90 points, closing at 1,239.27.
- The Nasdaq fell 18.77 points Friday to finish at 2,239.08.
In other world markets:
-
The German DAX lost 151.70 points to close at 6,153.30.
-
The Paris CAC 40 dropped 130.92 points to close at 4,100.64.
- And the London FTSE 100 lost 145.20 points to close at 5,261.60.
Speaker: Art Hogan, chief market strategist, Jefferies & Co. Conway Gittens reports from New York.
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