London precious metals moved higher for the week with silver, gold and platinum rising 5.4 percent, 2.9 percent and 3.9 percent, respectively. On Friday, stocks slid lower, and the U.S. dollar climbed against the euro.
Crude oil reversed early gains and lost 13 cents to settle the week at $115.46 a barrel.
London silver closed to $13.76 an ounce — a gain of 71 cents the week and 14 cents from last Friday.
London platinum increase to $1,479 an ounce — a rise of $56 for the week and $52 from last Friday.
London gold rose to $833 an ounce, gaining $23 for the week and $9 from last Friday.
"The precious metal [gold] is down more than $80 on the month – a drop the magnitude of which has not been recorded since 1984," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"More meaningful action is expected to return to the markets only in the week after next. However, with Gustav knocking at the door, the four days of trading we get next week, may not lack any drama at all," he added.
Gold generally follows oil and moves opposite to the greenback, as a weakened dollar encourages investors to buy gold, also considered a hedge during times of high inflation and economic uncertainty.
Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and three related precious metal articles.
CoinNews London Fix Charts: Silver, Gold and Platinum
(Aug 26-29)
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
Aug 26-29*
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
5.4%
|
$0.71
|
$13.76
|
| Gold |
X
|
|
2.9%
|
$23
|
$833
|
| Platinum |
X
|
|
3.9%
|
$56
|
$1479
|
*Week change numbers are for Tuesday-Friday. (Market holiday on Monday).
Aug 18-22
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
4.7%
|
$0.61
|
$13.62
|
| Gold |
X
|
|
3.3%
|
$27
|
$824
|
| Platinum |
X
|
|
3.3%
|
$45
|
$1427
|
Week change numbers are for Monday-Friday
Aug 11-15
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-16.4%
|
-$2.52
|
$12.82
|
| Gold |
|
X
|
-8.9%
|
-$77
|
$787
|
| Platinum |
|
X
|
-10.8%
|
-$170
|
$1400
|
Week change numbers are for Monday-Friday.
Aug 4-8
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-9.3%
|
-$1.61
|
$15.76
|
| Gold |
|
X
|
-6.3%
|
-$58
|
$853
|
| Platinum |
|
X
|
-4.8%
|
-$79
|
$1552
|
Week change numbers are for Monday–Friday.
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- August 29 – Gold ends slightly lower as dollar gains vs. euro – MarketWatch
Gold futures ended Friday’s volatile trading slightly lower with gold posting its biggest monthly loss in 25 years, as the U.S. dollar rose against the euro, reducing the precious metal’s appeal as an alternative investment.
- August 29 – Gold turns to end lower as oil retreats, Gustav eyed – Reuters
Gold ended slightly lower on Friday, erasing gains after an initial oil rally on storm fears gave way to profit-taking, but strong jewelry demand should support prices.
- August 29 – If There’s Something Weird and it Don’t Look Good, Who ya gonna Call? GHOSTBUSTERS! – Jon Nadler
The Gustav-fed $1.60 rise in crude oil earlier on Friday proved insufficient to prop gold prices up during their final August session.
Business week overview and wrap-up by Reuters News
U.S. personal incomes were down, while consumer inflation rose to a 17-year, but consumers looked on the bright side in August.
In stock market action, the three major US indexes:
-
The Dow lost 171.22 points Friday to close at 11,543.96, and dropped 0.7% for the week.
-
The S&P 500 dropped 17.85 points Friday, closing to 1,282.83.
- The Nasdaq fell 44.12 points Friday to finish at 2,367.52, and lost 2.0% for the week.
In other world markets:
-
The German DAX gained 1.76 points to close at 6,422.30.
-
The Paris CAC 40 climbed 21.11 points to close at 4,482.60.
- And the London FTSE 100 rose 35.4 points to close at 5,636.60.
Conway Gittens reports from New York.
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