Gold Posts Biggest Weekly Gain in Six Months
Above $1,300 an ounce
Gold rose to a three-month high above $1,300 an ounce on Friday, gaining 1 percent and notching its biggest weekly gain in six months, as weak U.S. manufacturing output pressured the dollar and lifted bullion's currency-hedge appeal.
A technical break-out above tough resistance at its 200-day moving average, and signs of recovering investment demand in gold exchange-traded funds, also triggered gold buying, traders said.
Bullion reversed its recent strong inverse link with equities, which had been pressured by economic uncertainties and emerging-market jitters.