Gold took its negative direction this week from tumbling oil prices and a stronger US dollar. Platinum faired worse by reaching toward six-month lows earlier, but managed to recover some of its lost ground Friday.
London silver closed the week to $17.55 an ounce — a loss of $1 from last Friday and a drop of 80 cents for the week.
London platinum fell to $1,726 an ounce — a drop of $146 for the week and a loss of $123 compared to its previous Friday close.
London gold closed to $921 an ounce, losing $46 for the week, or $40 from last Friday.
"In the short term, gold will remain at the mercy of both oil and the dollar," said James Moore, an analyst at TheBullionDesk.com.
"However, we still believe the current geopolitical/economic environment will keep investors in a more cautious mood, with demand for safe-haven-type assets likely to remain high," Moore said in a note.
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 21-25)
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 21-25
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-4.4%
|
-$0.80
|
$17.55
|
| Gold |
|
X
|
-4.7%
|
-$46
|
$921
|
| Platinum |
|
X
|
-7.8%
|
-$146
|
$1726
|
Week change numbers are for Monday-Friday.
July 14-18
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-0.7%
|
-$0.14
|
$18.55
|
| Gold |
X
|
|
0.2%
|
$2
|
$960
|
| Platinum |
|
X
|
-8.5%
|
-$172
|
$1849
|
Week change numbers are for Monday-Friday
London Fix: 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.
London Fix: 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.
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- July 25 – Gold ends higher, but loses more than $30 on week – MarketWatch
Gold futures ended with modest gains Friday, but posted a weekly loss of more than $30, as crude-oil futures fell and the U.S. dollar rebounded.
- July 25 – Gold ends higher as stocks pare gains, oil drops – Reuters
Gold ended higher on Friday as weakness from U.S. equities boosted bullion’s alternative investment appeal, despite pressure from lower oil prices and a stronger dollar.
- July 25 – ABCs of ETFs = Fallout #1 – Additional Volatility – Jon Nadler
After a tumultuous week, gold market action was quite lackluster on Friday. Bullion prices were down most of the morning and finally tried to turn slightly higher late in the day…
Business week overview and wrap-up by Reuters News
Better than expected new home sales report comes a day before the US Senate is expected to pass housing rescue bill.
The three major US indexes:
-
The Dow gained 21.41 points to close at 11,370.69.
-
The S&P 500 increased by 5.22 points, closing to 1,257.76.
- The Nasdaq rose 30.42 points Friday to finish at 2,310.53.
In other world markets:
-
The German DAX lost 3.99 points to close at 6,436.71.
-
The Paris CAC 40 gained 29.19 points to close at 4,377.18.
- And the London FTSE 100 dropped 9.70 points to close at 5,352.60.
Sasha Salama reports from New York.
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