Gold heads for sixth straight weekly gain
Spot gold was seen trading at $1778.97 an ounce at 12.00 noon Singapore time while US gold for December delivery was seen trading at $1781.54 an ounce on the comex division of nymex.
Spot gold was seen trading at $1778.97 an ounce at 12.00 noon Singapore time while US gold for December delivery was seen trading at $1781.54 an ounce on the comex division of nymex.
Analysts said the precious yellow metal is likely to extend gains during the day as it is on course for a sixth straight week of gains and the strongest monthly rise since January.
They said Spain's economic reform plan eased worries about euro zone's finances, while the strength in oil prices also lent support.
On Thursday,gold futures settled at their highest price in seven months in New York, while physical gold traded in euros in London hit a record.
The front Month contract for October delivery gained $26.90, or 1.5%, to settle at $1777.60 a troy ounce on the Comex .
Gold for December deliveryrose $26.90, or 1.5%, to settle at $1,780.50 an ounce on the Comex division of the New York Mercantile Exchange. That was gold's highest settlement since late February
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