AUG 23 2008
September silver fell 25 cents to close at $13.477 an ounce.
Gold futures closed lower Friday, pressured by falling
oil prices and a rally in the U.S. dollar against other
major currencies, but prices for the precious metal
finished the week more than 5% higher.
Federal Reserve Chairman Ben Bernanke said Friday that
inflation was on track to moderate in coming months.
Recent developments in commodity prices and the dollar,
combined with slow growth, should lead inflation pressures
to ease, Bernanke told policymakers and leading economists
attending the Fed's annual retreat in Jackson Hole.
On Thursday, gold rose $22.70, or 2.8%, to close at $839 an
ounce on the Nymex after surging to a high of $844. It closed
at its strongest level since Aug. 8 and reached its highest level
since Aug. 11, on an intraday basis.
Meanwhile, crude-oil futures fell for the first time in
four days, retreating from a 5% rally in the previous
session, as a stronger U.S. dollar pushed down dollar
-denominated commodities prices.
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