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英语新闻:Gold tumbles as China tightens policy
Gold futures on the COMEX Division of the New York Mercantile Exchange on Friday tumbled as China ordered lenders to reserve more funds in the central bank, a tightening measure that is expected to curb inflation and slow economic growth.The most active gold contract for February delivery declined 7. 9 dollars per ounce,[link widoczny dla zalogowanych], or 0.57 percent,[link widoczny dla zalogowanych], to settle at 1384.9 dollars.China's central bank on Friday raised the reserve requirement ratio (RRR) by 50 basis points from Dec. 20, a move pointing to the urgency of curbing runaway lending amid accelerating inflation.Market traders noted that China's tightening efforts could also cool down its economic growth and thus,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], dampen demand for precious metals. Besides,[link widoczny dla zalogowanych], the market expected that China might further tighten its monetary policy by lifting the benchmark interest rate soon.China, the world's second-biggest gold buyer, moved up the release of key macroeconomic data, including inflation numbers, to Saturday from Monday. A trader noted that,[link widoczny dla zalogowanych], empirically,[link widoczny dla zalogowanych], Chinese authorities would follow that with an interest-rate hike.A market analyst said that the consecutive hikes in U.S. dollar also contributed to Friday's drop and investors who have performed well this year may be looking to protect their gains at this stage.Silver for March delivery shed 21.2 cents,[link widoczny dla zalogowanych], or 0.74 percent, to 28.605 dollars per ounce. Meanwhile, January platinum further fell 3.6 dollars, or 0.2 percent, to 1675.3 dollars per ounce. Source:Xinhua
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