Globaltimes.cn | January 06, 2012 18:15
By Michael Bellart in Shanghai |
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Domestic gold futures continued their run Friday, rising for the third consecutive session despite a stronger US dollar.
The most active gold contract on the Shanghai Futures Exchange (SHFE), for June delivery, rose 0.4 percent to close at 333.41 yuan per gram, or $1,644.37 per ounce. The contract opened slightly below Thursday's closing price, but pushed higher over the session.
Domestic gold futures are off to quick start this year thanks to seasonal buying and global geopolitical concerns stemming from trouble in the Middle East. The June contract has risen 4.4 percent this week.
The February Comex gold contract was trading at $1,628.80 per ounce when the SHFE closed Friday, up 0.5 percent for the session. The Comex contract is up 3.8 percent this week.
The US dollar strengthened along with gold, indicating some investors were turning to safe-haven assets.
The US Dollar Index, which measures the value of the dollar against a basket of currencies, rose 0.8 percent in post-Asian trading Thursday, approaching its 52-week high at one point. The index had risen slightly to 80.96 when the SHFE closed Friday.
On the spot market, gold of 99.99 percent purity rose 0.2 percent on the Shanghai Gold Exchange to close at 332.58 yuan per gram, or $1,640.28 per ounce. The price is up nearly 4 percent since the end of last year.
The price of gold on the global spot market was trading at $1,626.90 per ounce when the SHFE closed, up 0.3 percent over the preceding 24 hours, and 3.9 percent above the closing price of 2011.
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