The dollar hit a 6-month high against the Euro on European debt worries before speculation that Germany may offer aid to stricken EC members appeared to calm investor’s nerves. Gold recovered some of its recently lost ground to reach $1,095 on Thursday but fell back on Friday as the People’s Bank of China announced that they were raising the reserve requirement for the second time this year.

Platinum
After its precipitous decline last week platinum edged higher on renewed buying interest, not least in ETF’s which had collectively increased by 52K oz to reach a total of 932K oz by last Friday. Investors’ interest may have been attracted by conflicting reports on a new law in Zimbabwe, which would require businesses with more than $500K in assets to be 51% black-owned within the next five years. Prices dipped again, however, on the news from China which came at a time when support from the country’s jewellers will be absent as they celebrate their New Year.

Palladium
ETF positions in palladium declined slightly to stand at 1.504 million ounces as of last Friday but Monday saw the metal climb out of the 300s, possibly boosted by news that passenger car sales in China had more than doubled in January.

Rhodium
Taking several steps up, the Johnson Matthey base price for rhodium reached $2,500 by the weeks end.