Gold heads for best week in four years

Gold heads for best week in four years

Gold eased on Friday after soaring 4% the previous day, but was still set for its best week in four years, lifted by stock market turmoil that has sent investors rushing for safe haven assets.

Spot gold was down 1% at $1,234.30 an ounce by 2.23pm GMT, but has still risen more than 5% this week, the biggest weekly gain since October 2011.

“Gold could test $1,260 or even $1,300 in the next few weeks, but I wouldn’t be surprised if we also see some profit-taking,” said Commerzbank analyst Carsten Fritsch.

Prices fell on Friday as the dollar extended gains after better than expected US retail sales data. Read more

 

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