Dhaka, Bangladesh (BBN)– Gold price fell to USD 1,093.55 an ounce to start the week as worries over debt-laden Greece and China’s surprise move to tighten money supply lowered investor confidence.
However, gold prices rallied to two-week highs on Tuesday as the EUR recovered from hefty losses against the USD, raising investor confidence in the bullion.
At the end of the week prices eased to USD 1,104.25 an ounce after the USD firmed on upbeat economic data and commodity-linked currencies slipped as the IMF planned to sell more gold in the open market.
At the beginning of the week, oil prices declined near USD 73 a barrel weighed down by rising U.S. crude inventories and concerns that China’s unexpected move to lift bank reserve requirements could lower commodity demand.
The rest of the week saw oil prices moving upwards supported by a rally in equity markets and optimism over the global economy.
On Thursday crude oil prices held above USD 76 a barrel in the New York Mercantile Exchange due to upbeat news from the Federal Reserve and other positive economic data, against pressure from a stronger Greenback.
BBN/SS/SI/AD-19February10-5:54 pm (BST)