Gold futures fell, heading for a weekly loss, as the concern that China could bolster demand for monetary erosion of precious metals. Silver, palladium and platinum also fell.
China, the second-largest gold buyer largest-ordered lenders to park more money with the central bank for the third time in five weeks. Before today, gold climbed 27 percent this year, reaching a record $ 1432.50 an ounce on 07 December.
"Gold is temporarily moving lower in the attempt by China to slow its economy," said Marty McNeill, a trader at RF Lafferty & Co. Inc. in New York. "A lot of hot money has gone to China, so when it starts to break down, gold is going to be sold to other commodities."
Gold futures for February delivery fell $ 16.70, or 1.2 percent, to $ 1,376.10 an ounce at 9:57 am on the Comex in New York. A close at that price would leave the metal to 2.1 percent this week.
gold assets in exchange-traded products fell 2.22 to 2,095.76 tons metric tons yesterday. Holdings reached a record 2,104.65 tonnes on 14 October. India is the biggest buyer of bullion.
won silver holdings to 11.13 tonnes 15,020.19 tonnes, the highest since at least February, data from four suppliers of entertainment.
Silver futures for March delivery fell 50.7 cents, or 1.8 percent, to $ 28.31 an ounce. On 7 December, the price hit $ 30.75, the highest since March 1980.
"Investors who see silver as a safe haven asset is expected to continue buying large quantities during the next couple of years," said CPM Group, a research company in New York yesterday in a report. The metal is supported on the industrial use, and China can represent 20 percent of global manufacturing demand this year, CPM, said.
Palladium futures for March delivery fell $ 5.20, or 0.7 percent, to $ 736.40 an ounce on the New York Mercantile Exchange.
Platinum futures for January delivery fell 5.60 dollars or 0.3 percent, to $ 1673.30 an ounce, heading for the fifth consecutive fall.
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