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Gold Firms Near $1,200

Gold Firms Near $1,200Gold Firms Near $1,200

Gold firmed around $1,200 an ounce on Friday but the metal was headed for its second straight weekly drop, weighed down by speculation over the timing of an interest rate hike by the US Federal Reserve, Reuters reported. Spot gold edged up 0.3 percent to $1,200.10 an ounce by 0040 GMT, after dropping 0.3% on Thursday. The metal is down 0.6% for the week. Investors are closely watching US economic data to gauge when the Fed will begin to raise interest rates. Strong data could prompt the US central bank to soon hike rates, a move that could dent demand for bullion.

Financialtribune.com