Gold rose in Hong Kong, leveled off in London, and traded rangebound through the NYMEX and Globex sessions on Friday, although it held above $900, finishing at $901.30/oz., up $3.30. For the week, gold added 3.5%.

Gold rose when Globex trading resumed in New York late Thursday evening, but sold off the second the Sydney market closed for the weekend. The bottom was in London…about 7:00 a.m. NY time. From there it rose (with lots of opposition) until Globex trading was through for the weekend in New York.

Neither gold nor silver showed any signs of life until the Sydney market closed in their afternoon.

What you’re looking at below is a chart of the gold-to-oil ratio. The gold-to-oil ratio is exactly what it sounds like. You simply take the spot price for an ounce of gold — around $900 per ounce as of this writing — and divide it by the price of a barrel of oil.