"Strong physical demand6 Jan 2018 09:53
https://www.bullionvault.com/gold-news/gold-prices-010520183
Gold Prices Set 16-Week Closing High vs. Jobs-Data Hit Dollar, GLD Shrinks
Friday, 1/05/2018 15:30
GOLD PRICES rose back above $1320 per ounce versus the falling Dollar in London's wholesale trade on Friday, heading for the highest weekly close in 16 after new data said the United States added far fewer jobs than analysts expected last month.
Shanghai gold premiums meantime held below $7 per ounce on Friday, more than $2 beneath the average incentive offered for new imports into the world's No.1 gold consumer nation despite next month bringing both Valentine's Day and the annual demand peak of Lunar New Year.
"Strong physical demand leading into the Chinese New Year is yet to materialise this year," says Swiss finance and refining group MKS Pamp trader Alex Thorndike to Reuters.
"Premiums in Hong Kong were at about 70 cents an ounce, unchanged from last week," the news-wire adds.
Platinum prices meantime held near Thursday's new 15-week highs at $966 per ounce even as a new report said sales of diesel cars � which use platinum catalysts to reduce harmful emissions � sank 17% in the UK in 2017.
Silver prices also traded near yesterday's peak, holding over 10% higher from mid-December's low against the Dollar � made just as the US Federal Reserve raised its key interest rate for the third time in 2017 � to reach $17.23 per ounce.
"Support is at $16.97 � the 200-Day Moving Average," says the latest technical note from bullion bank Scotia Mocatta's New York office, "and momentum indicators are bullish.
"Silver appears poised to target the November High at $17.38."