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Gold on track for second weekly gain

Friday, August 15 08:10:25

Gold traded firmly above $1,300 an ounce on Friday and looked poised for a second-straight weekly gain as sluggish global economic data and geopolitical tensions boosted the metal's safe-haven appeal.

Bullion was helped by data on Thursday that showed the number of Americans filing new claims for unemployment benefits rose more than expected last week, while eurozone economic growth ground to a halt in the second quarter as Germany's economy shrank and France's stagnated. Spot gold edged up 0.1 percent to $1,314 an ounce by 0629 GMT, after closing little changed in the previous session. The metal has gained 0.4 percent this week. U.S. gold slipped 50 cents to $1,315.20, also on track for a second weekly gain.

While investment demand for gold has recently been boosted by conflicts, physical demand for the metal remains weak. Global gold demand fell 16 percent in the second quarter, according to a World Gold Council report on Thursday. (Reuters)

For more visit: www.businessworld.ie