Bullion Weekend Report – 11/14/2009

by Bullion Prices Staff on November 14, 2009

Bullion prices shifted higher and lower throughout the week, with gold being led mostly by the direction of the greenback. In a notable, gold reached a record all-time high of $1,123.40 an ounce on Thursday.
New York precious metals futures rose as group this week. Silver was the sole metal to suffer a weekly decline in London.

In London bullion weekly figures, gold rose 0.7 percent, silver fell 1.2 percent and platinum advanced 0.9 percent. Friday precious metals prices follow:

London silver closed to $17.32 an ounce, falling 20 cents from last Friday’s close. New York December silver futures ended at $17.38 for a weekly advance of a half penny.

London gold was fixed at $1,104.00 an ounce, rising $7.25 this week. New York gold for December delivery finished at $1,116.70 for five-day gain of $21.00.

London platinum ended at $1,359.00 an ounce, climbing $12.00 since last Friday’s close. New York platinum for January delivery ended at $1,388.70, surging $40.50 on the week.

Vietnam’s announcement that it lifted its ban on precious metal imports was also reported in helping bullion move higher. It "will add fresh impetus and demand into a historically pro-gold region," analysts at GoldCore wrote in note that was cited on MarketWatch.com.

"The dollar is a measure of risk aversion these days," Tom Pawlicki, an MF Global Inc. metals analyst in Chicago, was quoted on Bloomberg.com. "We still like the long-term prospects of the gold market, even though it is at risk in the short-run."

"For the moment, the speculative focus remains dollar-centric and is tracking the fallout from this morning’s economic stats but attention is slowly shifting towards pre-weekend book-squaring and speeches to be delivered by various Fed officials over coming days. The most anticipated one, of course, an address by Mr. Bernanke on Monday," wrote Jon Nadler, senior analyst at Kitco Metals, Inc."

To follow are silver, gold and platinum performance charts, oil news, week-ending world stock summaries, and precious metal article summaries.

London Fix Bullion Prices*

(Nov 6 – 13)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-1.2%
-$0.20
$17.32
Gold
X
 
0.7%
$7.25
$1,104.00
Platinum
X
 
0.9%
$12.00
$1,359.00


(Oct 30 – Nov 6)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
5.8%
$0.95
$17.53
Gold
X
 
5.5%
$56.75
$1,096.75
Platinum
X
 
2.0%
$27.00
$1,347.00
*Week change numbers are for Friday PM-Friday PM

 

New York oil for December delivery fell 59 cents, or 0.8 percent, to close at $76.35 a barrel — a one-month low. 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.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: