GOLD UP IN 1ST WEEK OF YEAR THOUGH EUROPE FEARS STAY
Gold eased on Friday, snapping a five-session winning streak, but trade was choppy as investors digested a report of better U.S. job growth and the unemployment rate near a three-year low. The metal still notched its biggest weekly gain in five weeks after it broke ranks with a slumping euro in the last two days. Bullion has now more than recouped last week's losses that briefly sent it into bear market territory. Trading volume was decent after data showed U.S. nonfarm payrolls increased 200,000 in December and the unemployment rate dropped to a near three-year low of 8.5 percent, offering the strongest evidence yet the economic recovery was gaining steam. "Gold came under pressure because people are a bit more comfortable with the recovery of the economy, but it is going to remain rangebound until we get some significant news to push it into either direction".
NYMEX-CRUDE ENDS LOWER, BUT CLOSES WEEK UP MORE THAN 2 PCT
U.S. crude futures fell for a second straight day on Friday, as a stronger dollar and worries about Europe's economies trumped data showing strong U.S. jobs growth and lower unemployment. Worries persisted over possible supply disruptions due to rising tensions between Iran and the West, limiting losses. Even with the two-day decline, U.S. crude closed the four-day trading week more than 2 percent higher, after ending 2011 up 8.2 percent versus the previous year.Iran announced plans for military exercises in the Strait of Hormuz next month, the latest in weeks of bellicose gestures toward the West as new sanctions threaten Tehran's oil exports. A European Union embargo on Iranian oil imports could take a few months to start because some EU capitals want a delay they say they need to shield their debt-stricken economies. The plan involves the release of up to 14 million barrels per day of government-owned oil stored in the United States, Europe,Japan and other importers.
U.S. crude futures fell for a second straight day on Friday, as a stronger dollar and worries about Europe's economies trumped data showing strong U.S. jobs growth and lower unemployment. Worries persisted over possible supply disruptions due to rising tensions between Iran and the West, limiting losses. Even with the two-day decline, U.S. crude closed the four-day trading week more than 2 percent higher, after ending 2011 up 8.2 percent versus the previous year.Iran announced plans for military exercises in the Strait of Hormuz next month, the latest in weeks of bellicose gestures toward the West as new sanctions threaten Tehran's oil exports. A European Union embargo on Iranian oil imports could take a few months to start because some EU capitals want a delay they say they need to shield their debt-stricken economies. The plan involves the release of up to 14 million barrels per day of government-owned oil stored in the United States, Europe,Japan and other importers.
