Gold, silver, and platinum all posted gains for the week, lead by silver which was up 7.48%. Platinum posted a gain of 5.97% and gold was up 1.81%.
Gold had reached a two month high on Thursday when it moved above $970 per ounce. The gains were pared on Friday after upbeat US jobs data was released and the dollar rebounded. In other news, European central banks renewed their five year Central Bank Gold Agreement, but lowered the sales limit to 400 metric tons per year, down from the prior agreement’s 500 metric ton level.
Platinum ended the week strong after approaching its highest levels of the year earlier mid-week. Talk of a potential strike in South Africa and the extension of the “cash for clunkers” US auto program kept prices supported recent gains. Platinum is now up more than 35% on the year.
Silver continued to rebound from the multi-month low touched in mid-July, ending the week with the largest precious metals gain of 7.48%. Silver had support from inflows to exchange traded funds, with the iShares Silver Trust holdings reaching a new record on Friday.
|Gold, Silver Platinum Performance (London Fix)|
|July 31 Close||August 7 Close||Change||Percent|