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Gold took a breather on Friday after soaring 4 per cent the previous day but was still set for its best week in four years after stock market turmoil sent investors into safe haven assets.
Gold has benefited along with bonds and the Japanese yen from a rush to safety as investors worry about the health of some banks and the risk of a possible global recession.
They have been unnerved since the Bank of Japan, followed by Sweden this week, introduced negative interest rates to try and stimulate growth and now worry that if economic conditions deteriorate sharply the US Federal Reserve might have to cut rates rather than raise them.
Bullion surged to a one-year high on Thursday, its biggest single-day per centage rally since 2013, and analysts and traders see more gains ahead if the weakness in equities persists. European shares picked up on Friday, gaining 2 per cent, but analysts said the turmoil was not over.
Spot gold was down 0.7 per cent at $1,237.36 by 1001 GMT, after rising to as high as $1,260.60 an ounce on Thursday, its highest since February last year.
Spot gold has gained 5.5 per cent this week, the biggest such gain since October 2011 and analysts say $1,300 could be its next target if financial turmoil continues.
Silver was down 0.5 per cent at $15.64 an ounce after touching $15.95 on Thursday, its highest since October.
Platinum was down 0.3 per cent at $953.48 an ounce after reaching its highest since November on Thursday. Palladium was down 0.5 per cent at $518.79.
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Posted in: Indian Market Tips
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