London: Gold fell more than 1 per cent on Friday to head for its first weekly drop in four on the back of sharply lower oil prices and dollar strength, though traders remained cautious ahead of a referendum on Swiss bullion reserves this weekend.
Oil prices posted their sharpest losses since 2011 on Thursday after Opec refrained from cutting its output following a more than 30 per cent plunge in prices since June. Oil steadied on Friday, but prices remain near four-year lows.
Spot gold was down 0.8 per cent at $1,180.89 an ounce at 1412 GMT, having earlier touched a low of $1,177.84. U.S.
gold futures for December delivery were down $18.70 an ounce at $1,183.50.More >>
Post a Comment