Gold posted a third straight weekly gain after weak factory reports in Europe underscored the U.S. Federal Reserve’s concerns over global growth, fueling demand for the metal as a haven.
Data Friday showed renewed weakness in France and the deepest slump in German manufacturing in more than six years. The figures come two days after the Fed scaled back its projected interest-rate increases and downgradedeconomic forecasts. Traders and analysts remained bullish on the precious metal, according to a weekly Bloomberg survey.
Gold futures for June delivery settled +0.4% to $1,318.70 an ounce at 1:32pm on the Comex in N.Y.
Source : Bloomberg