Today’s AM fix was USD 1,386.00, EUR 1,050.56 and GBP 884.27 per ounce. Friday’s AM fix was USD 1,368.25, EUR 1,042.24 and GBP 877.87 per ounce.
Gold climbed $19.80 or 1.45% Friday, closing at $1,388.50/oz. Silver surged $0.60 or 2.59%, closing at $23.81. Platinum rose $13.60 or 0% to $1,495.70/oz, while palladium climbed $9.65 or 1.4% to $695.45/oz.
Gold fell 0.42% and silver gained 1.62% last week.
Gold rose in Shanghai on the open and gained 1.2% to 277.15 yuan per gramme prior to aggressive selling capped price gains. Gold inched down in London and the belief that the Fed will announce a reduction in quantitative easing at their policy meeting next week may be leading to weakness.
After peculiar selling, gold bungee jumped higher on safe haven buying on Friday after U.S. economic data highlighted that employers added fewer jobs than expected in August showing the very anemic state of the U.S. economy.
A Bloomberg survey showed of 34 economists believe the U.S. Fed will reduce bond purchases from $85 to $75 billion per month next week. However, whether the Fed tapers or does not taper is far less important than the fact that monetary policies are set to remain extremely loose for the foreseeable future, which will support gold.
Concerns about inflation and weakening currencies are leading the Chinese middle classes and wealthy to again use gold jewelry, coins and bars as a hedge and store of value.