Chifeng City, Inner Mongolia -- (ReleaseWire) -- 05/21/2012 -- Last week, OTO have seen that the precious yellow metal floater over near $1,640 an ounce after dropping 1 percent in the last couple of weeks. And by 0023 GMT, there was a bit change in the spot gold which is $1,641.40 an ounce and U.S. gold traded nearly flat at $1,642.50.
To measure the conditions of the second-largest economy of the world, investors have closely watched the flash China HSBC manufacturing survey on 0230 GMT. In a bid to protect the worldwide economy from the euro zone debt crisis, the leading world economies have agreed to more than double the lending power of the International Monetary Fund.
During last week ended April 17, money managers raised their net long positions in U.S. gold futures and options but they have cut their net long bets in silver according from OTO’s source, U.S. Commodity Futures Trading Commission.
Meanwhile, to finally solve the Europe’s debt crisis, the global finance chiefs pressed Europe in weekend discussions to quickly put in place the needed economic reforms, now that there some precious time available in the newly increased financial buffer.