PRECIOUS METALS

Gold and silver traded within a narrow range while palladium and platinum finished the week on a flat note.

“The gold market continues to swing back and forth with the broader market as rising concerns over the this Greek bailout weighed on sentiment,” said VTB Capital analyst Andrey Kryuchenkov.

Meanwhile, the World Gold Council (WGC) forecast that China is set to overtake India as the world's largest gold buyer this year as demand for the metal for jewellery and as a safe-haven investment surges.

Global demand hit 4,067.1 tonnes in 2011 - edging up 0.4% year-on-year - worth an estimated US$205.5bil, the first time demand has surpassed US$200bil, the WGC said in its latest annual report.

India, the largest gold consumer and importer, saw a 7.0% decline in demand year-on-year to 933.4 tonnes last year, while demand from China jumped 20.0% to 769.8 tonnes in the same period.

By late Friday on the London Bullion Market, gold firmed to US$1,723 an ounce from US$1,711.50 the previous week.

Silver eased to US$33.48 an ounce from US$33.55.

On the London Platinum and Palladium Market, platinum was unchanged at US$1,638 an ounce from US$1,638.

Palladium declined to US$697 an ounce from US$697. - AFP-