An employee puts gold bullions into a safe deposit box at Degussa shop in SingaporeGold prices were flat in light trading on Friday with Chinese markets closed for the Lunar New Year break, while a firm dollar offset safe-haven demand fueled by Middle East concerns.
"Some stress in U.S. regional banks, Chinese new year demand and Middle East tensions put a floor on the metal," Hugo Pascal, a precious metals trader at InProved, said.
Concerns lingered about the Middle East as Israeli forces bombed areas in the southern border city of Rafah after Prime Minister Benjamin Netanyahu rejected a Hamas truce proposal.
However, palladium has since taken a lead again, up 0.6% to $892.26 per ounce, while platinum rose to $890.09.
Both metals are used in making a key component in internal combustion engines, but platinum is also used in jewelry and other industries.
Persons:
Hugo Pascal, Benjamin Netanyahu
Organizations:
Shanghai Futures, Treasury, Federal, Traders, ANZ Research
Locations:
Singapore, InProved, Rafah, U.S