Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher for the fourth session on Friday, buoyed by the record low interest rate and a weak dollar. Silver and platinum went up, too. Gold price for August delivery gain US$1.50 (0.2%) closing at US$ 941oz. It is the first time for the yellow metal stands above US$940 in almost three weeks despite profit-taking ahead of weekend pared the gains after the contract touched its intraday high of US$949. Savvy market observers say that Gold’s appeal of hedging inflation continued being fueled after the Fed Reserve decided on Wednesday to keep the benchmark interest rate at a record low level between zero and 0.25% “for an extended period.” In response to a report released by People’s Bank of China, the US$ went down and provided some bullish support to the precious metal earlier in the session. The Chinese central bank reiterated that it will push the reform of the international currency system to make it more diversified and lessen US$’s role as the world’s reserve currency. September Silver finished at US$14.156 oz, up 12.4 cents. October Platinum rose US$13.70 to US$1,210.70 oz.
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