Gold Ends Week 3.4% Higher, Euro Price Over €800 as China Tightens Bank Lending

From Chris Mullen at GoldSeek.com...

Gold Prices saw slight losses in Asia on Friday and fell almost 1.5% in London then rallied back higher in late morning New York trade.

Ended near its noontime high of $1092.40 with a loss of just 0.5%, the Gold Price in Dollars added 3.4% for the week.

The Gold Price in Euros rose above €800 an ounce.

Oil meantime fell on worries over weakening demand after it was announced that China has raised its banking reserve requirements yet again, and that US crude inventories built 2.4 million barrels last week.

The US Dollar index and Treasury bonds rose while the Dow, Nasdaq, and S&P fell on China’s surprise move, ending the week between 1% and 2% higher.

Silver fell over 2.5% on Friday but also climbed in New York trade, cutting its daily loss to 1.2% and adding almost 4% for the week.

Platinum lost $11 to $1503, and copper fell 5 cents to about $3.08. Gold Mining and silver equities fell over 3% at the open before they rallied back near unchanged midday and then fell back off a bit in early afternoon trade, but they still ended with less than 1% losses.

Next week’s US economic highlights include the Treasury Budget on Tuesday, Export and Import Prices, Building Permits, Housing Starts, Capacity Utilization, and Industrial Production on Wednesday, PPI, Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed on Thursday, and CPI on Friday.

US markets are closed on Monday for President’s Day, and Canadian markets are also closed for Family Day.

China's financial markets will be closed until Friday for the Lunar New Year and Spring Golden Week.

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