Gold Settles Higher As Dollar Weakens

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Gold futures settled higher Friday, on hopes that Spain and EU officials could possibly work out an economic reform plan that enables the fourth largest economy in Europe to request a bailout, RTT News reported.

Gold also found support with the dollar weakening against the euro and other major currencies, on fears the recent measures to stimulate growth could fuel inflation and keep interest rates at rock bottom.

Gold for December delivery, the most actively traded contract, gained $7.80 or 0.4% to close at $1,778.00 an ounce Friday on the Comex division of the New York Mercantile Exchange. Gold for December delivery traded at an intraday high of $1,790.00 and a low of $1,769.10 an ounce.

For the week, gold prices gained around 0.5%.



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This article appears in: Investing , Commodities

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