Precious metals declined Friday, but silver and gold made solid weekly gains. London gold — used as a benchmark for immediate delivery — jumped 7.0 percent and silver rose 3.5 percent. Platinum fell 4.9 percent. From last Friday’s close, the Dow lost 0.1 percent, the S&P gained 0.4 percent and the Nasdaq climbed 2.1 percent.
New York crude-oil for January delivery settled to $46.28 a barrel, falling $1.70 on Friday. It gained $5.47, or 13.4 percent from, last Friday’s close of $40.81 a barrel. AAA said the average price for unleaded gasoline fell to $1.66 a gallon on Saturday compared to $2.178 a month ago.
London silver ended at $10.07 an ounce, gaining 34 cents on the week, or 61 cents since last Friday.
London gold closed to $826.50 an ounce, rising $54.25 for the week, or $77.50 from last Friday.
London platinum settled to $801 an ounce, declining $41 for the week, or $13 since last Friday. And, most remarkably, below the price for an ounce of gold.
"This week’s attempt at a breakout in commodities turned into a breakdown by Friday, after the US Senate’s decision that failure is definitely one option for the beleaguered American auto industry," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"Treasuries rallied on the news of the impasse, while oil lost more than $1.50 per barrel. Platinum group metals headed south due to similar concerns. Gold and silver came under selling fire," added Nadler.
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. When prices are falling and economic activities are shrinking, gold prices tend to move lower.
Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and four related precious metal articles.
CoinNews London Fix Charts: Silver, Gold and Platinum
(December 8-12)
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
December 8-12
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
3.5%
|
$0.34
|
$10.07
|
| Gold |
X
|
|
7.0%
|
$54.25
|
$826.50
|
| Platinum |
|
X
|
-4.9%
|
-$41.00
|
$801.00
|
Week change numbers are for Monday AM-Friday PM
December 1-5
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-4.5%
|
-$0.45
|
$9.46
|
| Gold |
|
X
|
-5.8%
|
-$46.50
|
$749.00
|
| Platinum |
|
X
|
-4.1%
|
-$34.00
|
$788.00
|
Week change numbers are for Monday AM-Friday PM
November 24-28
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
0.8%
|
$0.08
|
$10.12
|
| Gold |
|
X
|
-0.3%
|
-$2.25
|
$814.5
|
| Platinum |
X
|
|
5.0%
|
$42
|
$876.00
|
Week change numbers are for Monday AM-Friday PM
November 17-21
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-3.5%
|
-$0.33
|
$9.17
|
| Gold |
X
|
|
4.0%
|
$29.50
|
$744.50
|
| Platinum |
|
X
|
-3.6%
|
-$30.00
|
$812.00
|
Week change numbers are for Monday AM-Friday PM
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- December 12 – Gold ends down first week in five as dollar gains – MarketWatch
Gold futures ended lower Friday, but posted a weekly gain of 9%, as the Treasury Department said that it stands ready to lend funds to the ailing U.S. auto industry until Congress has time to consider a long-term rescue package next year.
- December 12 – Platinum Falls, Trades Near Parity With Gold, as Demand Slumps – Bloomberg
Platinum prices fell, trading almost on par with gold for the first time since 1996, on concern that the near-collapse of the U.S. auto industry will erode demand for the white metal used in pollution-control devices in cars.
- December 12 – Stretch That TARP Some More – Jon Nadler, Kitco
This week’s attempt at a breakout in commodities turned into a breakdown by Friday, after the US Senate’s decision that failure is definitely one option for the beleaguered American auto industry.
- December 11 – US Mint Gold, Platinum and Silver Coin Sales Figures, Dec 11 – CoinNews
Collector gold and platinum coin sales have been ablaze with eight sold out options since last week’s U.S. Mint sales figures were released. The final two one-ounce and one-half ounce uncirculated gold Buffalo coins departed over the weekend, and the last one-half ounce proof Buffalo went Monday afternoon with a surging 58.5 percent increase in sales over the previous week.
Business week overview and wrap-up by Reuters News
Wall Street rallied into the close on hopes the White House will use TARP funds to rescue the ailing U.S. auto industry. Here are Friday numbers for the three major US indexes:
-
The Dow gained 64.59 points Friday to close at 8,629.68. For the week, the Dow lost 0.1 percent.
-
The S&P 500 rose 6.14 points Friday, closing to 879.73. The S&P rose 0.4 percent on the week.
- The Nasdaq climbed 32.84 points Friday to finish at 1,540.72. It gained 2.1 percent for the week.
In other world markets:
-
The German DAX lost 103.83 points to close at 4,663.37.
-
The Paris CAC 40 declined 92.53 points to close at 3,213.60.
- And the London FTSE 100 dropped 108.34 points to close at 4,280.35.
Conway Gittens reports from New York.
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