US gold ends down two percent

US gold futures ended 2 percent lower on Friday after China tightened bank reserves to rein in inflation and as safe-haven demand faded on a better economic outlook. COMEX February gold futures settle down $26.50, or 1.9 percent, at $1,360.5 an ounce on the COMEX division of the NYMEX. Ranged from $1,354.60 to $1,377.80 an ounce.
Gold fell to a one-week low and hovered above its lowest level in two months after China's central bank raised lenders' required reserves for the fourth time in just over two months, vowing the fight against inflation will be a top priority. COMEX gold futures volume was about one-third above its 30-day average, according to preliminary Reuters data showed.
Spot gold fell 1 percent to $1,359.50 an ounce by 3:22 pm EST (2022 GMT), notching its biggest two-week loss in nearly a year, having earlier hit a one-week low of $1,354.99. London afternoon gold fix at $1,367 an ounce. COMEX March silver ends down 94.3 cents, or 3.2 percent, at $28.32 an ounce as weaker gold prompts profit taking. Ranged from $28.10 to $28.965. The gold-to-silver ratio - the number of ounces of silver needed to buy an ounce of gold - rose to a one-month high on Friday at just below 48, showing that silver is underperforming gold in a falling market.
COMEX estimated silver futures volume was about 10 percent higher than its 30-day average, according preliminary Reuters data. Spot silver fell 1 percent to $28.39 an ounce. London silver fix at $28.52 an ounce. NYMEX April platinum finishes down $5.20 at $1,816 an ounce, after recent gains boosted by encouraging US auto sales growth. Spot platinum inched up 0.5 percent to $1,809.49 an ounce NYMEX March palladium closes down $22.95, or 2.8 percent, at $790.50 an ounce as weaker precious metals complex triggers selling. Spot palladium slipped 1.4 percent to $792.22 an ounce.