Gold futures rallied on Friday, as the U.S. dollar sank against other major currencies after European leaders put forward a plan to stabilize the region's banking sector.
Gold for August delivery GCQ2 +2.99% surged $48.40, or 3.1%, to $1,598.70 an ounce on the Comex division of the New York Mercantile Exchange. Prices traded as high as $1,601.30 an ounce, according to FactSet Research, and weekly gains have reached 1.6% so far.
Metal futures shot higher, along with other commodities and equities, after euro-zone leaders unveiled a series of measures aimed at bringing stability to the region's financial markets. Read more on Asia stocks. . .View Full Article