Gold bounces with euro, set to end week flat

Gold climbed on Friday, helped by an advancing euro, but still looked set to end the week on a flat footing as patchy consumer demand weighed and increasing optimism about the economic outlook dampened investor appetite for the metal.

Global equities drifted lower on Friday, having touched eight-month peaks earlier in the week, and were pulled down by a decline in U.S. home sales as concerns about global growth cooled enthusiasm.

This month, the gold price has lost nearly 2 percent in value as a shift in the perception among investors of the health of the U.S. economy in particular has made so-called safe-haven assets such as gold or U.S. Treasuries less attractive compared with stocks or higher-yielding currencies.

Spot gold was up around 1 percent at $1,662.21 an ounce by 1500 GMT, having recovered from a low of $1,627.68 on Thursday.

Read Full Article from Reuters

- Posted: 2012-03-23 11:02:06

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