Bullion Weekend Report – 11/07/2009

by Bullion Prices Staff on November 7, 2009

Bullion prices were strong this week after the US dollar weakened following a series of economic reports, including one showing unemployment in October at 10.2 percent which is a 26-year high. In a notable, gold prices reached an all-time high on Friday above $1,100 an ounce high.

In London bullion weekly figures, gold jumped 5.5 percent, silver surged 5.8 percent and platinum rose 2.0 percent. Friday precious metals prices follow:

London gold was fixed at $1,096.75 an ounce and rose $56.75 this week. New York gold for December delivery finished at $1,095.70 for a weekly advance of $55.30.

London silver closed to $17.53 an ounce, rising 95 cents from last Friday’s close. New York December silver futures ended at $17.375 for a weekly increase of $1.12.

London platinum ended at $1,347.00 an ounce, climbing $27.00 since last Friday’s close. New York platinum for January delivery ended at $1,348.20, gaining $21.90 on the week.

"We believe the rally in gold prices will continue," Michael Lewis, an analyst at Deutsche Bank AG in London, said in a report that was cited on Bloomberg.com. "Further advances in the gold price will be based on fresh lows in the U.S. dollar, central bank buying of gold" and "increasing inflation volatility."

"With unemployment at 10%, the implications for Fed policy is that they have their hands tied and cannot defend the dollar," Joe Foster, manager of the Van Eck International Investors Gold Fund said on MarketWatch.com. "We’re going to see lots of new records going forward."

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

(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

(Oct 23 – 30)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-6.1%
-$1.08
$16.57
Gold
 
X
-2.0%
-$21.75
$1,040.00
Platinum
 
X
-3.8%
-$52.00
$1,320.00
*Week change numbers are for Friday PM-Friday PM

 

Crude oil tumbled on Friday by nearly 3 percent but still managed to post a small weekly gain. 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.

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