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Gold closes at US$1,726.00/oz - Regional

   

Published: Friday, January 27, 2012 16:42 (GMT -0400)

By Business News Americas staff reporters

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Gold closed Friday at US$1,726.00/oz on the London Bullion Market, one dollar off from the previous day's US$1,727.00/oz.

The last two closing prices have amounted to a strong bounce back up for the yellow metal, which is for the first time above the US$1,700/oz mark this year.

"The macro environment has boosted gold prices through important technical resistance levels, even in the absence of physical demand from China given the Lunar New Year holidays," UK-based investment bank Barclays Capital said in its commodities weekly report.

Silver closed at US$33.48/oz, up from the previous session's US$33.35/oz.

Silver has outperformed gold as the strength of investment demand offsets concerns about the industrial outlook for the metal. Silver ETP holdings across open and close-ended products are up 207t for the month so far, while coin sales from the US Mint are up some 173t, Barclays said.

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