by Adrian Ash
Financial Sense
Gold prices traded in London’s wholesale market steadied against the rising US Dollar Friday, heading for a solid weekly gain versus all major currencies as the Chinese Yuan hit fresh 6-year lows on the FX market.
Premiums for gold bars settled in Shanghai ended the week $6 per ounce above comparable London quotes, well over twice the typical incentive to new imports of bullion to the world’s No.1 consumer market.
World stock markets meantime stalled while energy prices rose and major government bond prices ticked higher, but the rate of interest offered by Germany’s 10-year government debt continued to hold above zero.