Gold report - koolfriend4u
since some of my friends asked report on gold & silver
an extract from deadpresident here
Consumer price report dampen precious metal prices
Precious metal prices fell on Friday, 14 August, 2009. Prices fell as economic report on that day showed that consumer prices registered sharpest drop on a yearly basis in July, 2009 thereby reducing the appeal of precious metals as a hedge against inflation. Also weighing on gold was the dollar which turned higher against most of its major rivals.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Friday, gold for December delivery ended at $948.7, lower by $7.8 (0.8%) an ounce on the New York Mercantile Exchange. For the week, gold ended lower by almost 1.1%. Year to date, gold prices are higher by 6.7%. After four consecutive weekly gains, this was yellow metal's first weekly drop.
Gold ended July, 2009 higher by 2.8%. Before this, for the second quarter, gold ended higher by 0.5%. The metal had gained 4.3% in the first quarter of this year.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (7.5%) since then.
On Friday, Comex silver futures for September delivery lost 26.5 cents (1.8%) to $14.722 an ounce. For the week, silver ended higher by 0.23%.
Silver ended 2.7% higher for July, 2009. For second quarter, silver rose 4.5%. Year to date, silver has climbed 30.5% this year. For 2008, silver had lost 24%.
In the currency market on Friday, the dollar index which weighs the value of dollar against a basket of six other currencies, rose by 0.5%.
The Labor Department reported on Friday that the consumer price index was down 2.1% on a year-over-year basis in the sharpest annual decline since 1950. However, the core CPI is up 1.5% over the past year.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.