Gold prices finished a holiday-shortened week down three-hundreths of a percentage point as gains Friday failed to outweigh heavy losses earlier in the week.
Gold for February delivery GCG5, +1.93% surged $22.10, or 1.88%, to $1,196.30 an ounce on the New York Mercantile Exchange Friday, but remained down 0.04% for the week after a big selloff on Monday. Silver for March delivery SIH5, +2.39% gained 43 cents, or 2.7%, to $16.14 an ounce.
SINGAPORE shares end higher on Friday.
The Straits Times Index gained 7.77 points to 3,353.68.
Some 775.4 million shares, valued at S$394.9 million were traded.
Gainers numbered 189 while losers numbered 184.
INTERNATIONAL COMMODITY NEWS :
Gold prices pulled away from a three-week low on Tuesday, but still remained below the $1,200 threshold as the strong U.S. dollar continued to weigh on the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.23% to $1,182.50.The February contract ended Monday’s session 1.35% lower at $1,179.80 an ounce.The dollar remained supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance.Higher U.S. interest rates would boost the greenback and weigh on gold, which has benefited from central bank liquidity and a low interest rate environment since the 2008 financial crisis.The central bank also acknowledged the improvement in the U.S. labor market and noted that the economy is making progress toward its goals in inflation and employment.
TRADING STRATEGY :
BUY GOLD ABOVE 1286 TARGET 1291 1297 SL 1280
SELL GOLD BELOW 1279 TARGET 1274 1268 SL 1285
