Gold Gains Nearly 1 Percent on Weaker Dollar

Source:

Spot gold rose as high as $652.10 an ounce before easing to $651.20/652.20 by 1059 GMT, versus $646.40/647.40 late in New York on Thursday, when it rose more than $3.

Gold jumped nearly one percent to trade above $650 an ounce ahead of the release of key U.S. data, with a sharp drop in the dollar supporting the metal.

Spot gold rose as high as $652.10 an ounce before easing to $651.20/652.20 by 1059 GMT, versus $646.40/647.40 late in New York on Thursday, when it rose more than $3.

"Gold definitely took a positive lead from the dollar and investors are coming back into the market now," said Michael Widmer, director of metals research at Calyon Corporate and Investment Bank.

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