- Gold futures firmed on Friday along with the euro after eurozone finance ministers agreed in principle to increase the size of their bailout pot temporarily to combat the spread of the sovereign debt crisis.
- Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were last up $13.80 at $1,668.60 per ounce. Trade has ranged from $1,661.60 to $1,671.60
- European financial leaders are expected to raise the region’s the two rescue funds (EFSF/ESM) to 700 billion euros, with an additional 240 billion euros that can be used in emergency situations, through to mid-2013. While the promise of extra liquidity clearly supported gold and the euro, which was last up half a cent at 1.3350 against the dollar, the steady creep of Spanish and Italian bond yields has kept traders' enthusiasm in check.
- Today is also last trading day of the month and first quarter so increased volatility is expected while large funds and institutional investors complete their window-dressing. Gold is likely to see a modest end-of-the-quarter bounce before the “sloppier tone” returns by next week, INTL FCStone's Ed Meir said.
- In data, US personal spending increased 0.8 percent from a revised 0.4 percent in January and slightly better than expectations of a 0.6-percent rise. Meanwhile, US equity markets opened higher, with the Dow Jones industrial average and S&P 500 up 0.46 percent and 0.40 percent respectively.
- Elsewhere, Indian gold merchants extended their strike to a 13th day to protest against a government plan to double gold coin and bar duties to 4 percent. The country's gold demand reached 933.4 tonnes in 2011, making it the world's largest consumer, according to the World Gold Council.
- As for the other precious metals, Comex silver for May delivery was last up 61.8 cents at $32.610 per ounce, while platinum for July delivery on Nymex was up $17.80 at $1646.00 and June palladium was at $652.25, up $6.65.
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Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
Prices By NTGOLD | ||
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We Sell | We Buy | |
37.5g ABC Luong Bar | ||
5,333.50 | 4,913.50 | |
1oz ABC Bullion Cast Bar | ||
4,426.80 | 4,026.80 | |
100g ABC Bullion Bar | ||
14,205.60 | 12,905.60 | |
1kg ABC Bullion Silver | ||
1,728.40 | 1,378.40 |
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