Gold trimmed its best weekly gain since August as global markets slowly recovered after China calmed traders by their refusal to lower further its exchange rate.
Bullion for immediate delivery closed at $1,103.53 an ounce, down 0.5%. This week, prices have risen 4%. The metal has outmatched other commodities as over $4 trillion was wiped out from global equities this year.
Gold-mining firms and miners in South Africa were bolstered by the surge. Australia’s Newcrest Mining climbed 1.4% and headed for a 3.2% surge this week.
Meanwhile, silver lost 0.8% and palladium stood at $497.20 an ounce.
The material has been provided by InstaForex Company – www.instaforex.com