Today’s AM fix was USD 1,375.25, EUR 1,031.39 and GBP 878.47 per ounce. Friday’s AM fix was USD 1,360.75, EUR 1,020.59 and GBP 870.10 per ounce.
Gold rose $10.10 or 0.74% Friday, closing at $1,373/oz. Silver climbed $0.25 or nearly 1.09%, closing at $23.18. Platinum rose 0.2% to $1,524.49/oz, while palladium increased 0.3% or $2.47 to $761.47/oz.
Gold was up 4.60% and silver surged 13.3% for the week. Silver is up eight sessions in a row and is headed for the longest daily rally since March 2008.
Gold remains in backwardation and gold lending rates dropped further last week, which is bullish for prices in the coming weeks.
Gold traded near a two-month high after holdings in the largest ETP posted the first weekly expansion this year and markets digested the very robust global physical demand data reported last week . Demand from China and India is projected to to soar to 1,000 tonnes each in 2013 and mixed U.S. data has boosted gold’s safe haven appeal.
Gold forward offered rates (GOFO), remain negative and are becoming more negative. This shows that physical demand is leading to supply issues in the highly leveraged LBMA gold market.
GOFO rates are those which contributors may use to lend gold on a swap for dollars, according to the London Bullion Market Association and the negative gold interest rates show a preference to own gold over dollars by bullion banks.