Post by Shadow on Jan 6, 2006 14:38:11 GMT -5
China to diversify foreign-exchange holdings
Marketwatch
By Myra P. Saefong, MarketWatch
Last Update: 2:16 PM ET Jan. 6, 2006
SAN FRANCISCO (MarketWatch) -- Gold futures closed above $541 an ounce Friday to log a gain of more than 4% for the week with a decline in the U.S. dollar driving investors toward precious metals as a hedge against potential losses.
Gold for February delivery closed at $541.20 an ounce on the New York Mercantile Exchange after touching an intraday high of $541.80. Prices haven't closed at a level this high since March 1981, though on an intraday basis, they touched $543 on Dec. 12 of last year.
The contract finished up $13.40 for the session and up $22.30, or 4.3%, for the week. Prices fell $7.80 on Thursday after rallying by more than $40 over the previous eight sessions.
China said Thursday that it would diversify its foreign-exchange reserves away from U.S. dollars and government bonds. See related story.
Marketwatch
By Myra P. Saefong, MarketWatch
Last Update: 2:16 PM ET Jan. 6, 2006
SAN FRANCISCO (MarketWatch) -- Gold futures closed above $541 an ounce Friday to log a gain of more than 4% for the week with a decline in the U.S. dollar driving investors toward precious metals as a hedge against potential losses.
Gold for February delivery closed at $541.20 an ounce on the New York Mercantile Exchange after touching an intraday high of $541.80. Prices haven't closed at a level this high since March 1981, though on an intraday basis, they touched $543 on Dec. 12 of last year.
The contract finished up $13.40 for the session and up $22.30, or 4.3%, for the week. Prices fell $7.80 on Thursday after rallying by more than $40 over the previous eight sessions.
China said Thursday that it would diversify its foreign-exchange reserves away from U.S. dollars and government bonds. See related story.