Friday, January 18th 04:56 PM IST

Gold closes higher for the week in Asia on China data

# gold  # comex  # nymex  # China data  

Gold is estimated to have achieved a near two percent gain this week though official figures are available only after Europe and US trade finishes.

BEIJING(BullionStreet): Stronger than expected Chinese economic growth, especially in the fourth quarter last year, helped gold to finish higher for the week in Asian trade.

Gold is estimated to have achieved a near two percent gain this week though official figures are available only after Europe and US trade finishes.

Gold for February delivery was seen trading at $1692.18 an ounce in electronic trade on the Comex division of the New York Mercantile Exchange at 6.30 p.m Singapore time.

China's Gross domestic product expanded 7.8pc last year in the face of weakness at home and in key overseas markets, the National Bureau of Statistics announced on Friday.

The Dragon nation's growth rate remains the highest among leading economies. GDP reached 51.9 trillion yuan in 2012, further cementing its position as the world's number two economy behind the United States.

In other metals markets, March silver futures were flat at $31.81 an ounce.April platinum futures retreated $4.40 to $1,696.10 an ounce, while March palladium lost 45 cents to $725.70 an ounce. Platinum settled above $1,700 an ounce for the first time since early October.

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