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Gold Up $11 This Week!
Gold futures climbed Friday to close at an 18-year high above $500 an ounce, logging a gain of 2.2% for the week, while copper futures finished lower for the first time in six sessions.
Gold for December delivery rose 80 cents to close at $503.30 an ounce on the New York Mercantile Exchange, after climbing as high as $505.50. Prices haven't traded at levels this high since December of 1987.
The contract was up $11 from Nov. 23, which was the final trading day of the Thanksgiving week. February gold closed up 70 cents at $507.
Gains in the precious metal came as the U.S. dollar eased off its highs against the Japanese yen. Treasury Secretary John Snow reportedly said finance ministers of the Group of Seven most industrialized nations will discuss yen weakness at their weekend meeting.
"The dollar sold of against yen after Snow's comments on the G7," said Charles Nedoss, an analyst at PeakTradingGroup.com. Weakness in the greenback oftn spurs investment demand for gold.
But a Treasury spokesman said Snow made no comment on the yen Friday. See Currencies.
At the same time, December copper reached a record $2.183 a pound before closing at $2.1525, down 1.55 cents. Prices for the industrial metal had been climbing since Nov. 23 so it still ended the week 9.6% higher.
Overall, inflationary concerns appear to be growing "with copper exploding and energy prices regaining their footing," said Nell Sloane, an analyst at NSFutures.com.
"Therefore, the gold market appears to be benefiting from a number of bullish factors again, and that should help the market grind out even more gains on the charts," she said in a note to clients.
December silver strengthened Friday, taking on 4.5 cents to finish at $8.544 an ounce. It hit an intraday high of $8.575, that's the highest futures price since 1987. See also Commodities Corner.
Elsewhere in the metals market, January platinum added $13.20 to end at $1,007.90 an ounce. It climbed as high as $1,008.90 earlier, its highest since March 1980. The contract was up 2.4% for the week.
Sister metal palladium saw its December contract added $4.70 cents to close at $269.10 an ounce -- up 2.7% for the week. On Nov. 21, prices tapped $270, their highest level since April 2004.
Inventories of copper, silver and gold were unchanged as of late Thursday, according to Nymex. Copper supplies were at 3,681 short tons, silver at 117.6 million troy ounces and gold at 6.61 million troy ounces.
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