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Epic Research
Gold rose more than 1% on Friday, tracking a surge in the euro after European leaders moved to bring down soaring borrowing costs in Italy and Spain, helping ease fears over the region's debt crisis.
But gold is still on track to post its worst quarter since 2004, as a growing global economic slowdown from Europe to China pushed investors to safer havens such as the dollar.
Spot gold was up 1.1% at USD 1,568.46 an ounce by 0700 GMT, after hitting a session high of USD 1,571.89. US gold gained 1.2% to USD 1,568.90.
Gold jumped as the dollar wilted against the euro after leaders of the 17-nation euro zone agreed the region's rescue funds could be used to stabilise bond markets without forcing countries that comply with EU budget rules to adopt extra austerity measures or economic reforms.
That provided a big relief to investors in markets from commodities to equities, who had low expectations the ongoing summit of European leaders would yield concrete solutions to solve the euro zone debt crisis now running into its third year.
But gold is still on track to post its worst quarter since 2004, as a growing global economic slowdown from Europe to China pushed investors to safer havens such as the dollar.
Spot gold was up 1.1% at USD 1,568.46 an ounce by 0700 GMT, after hitting a session high of USD 1,571.89. US gold gained 1.2% to USD 1,568.90.
Gold jumped as the dollar wilted against the euro after leaders of the 17-nation euro zone agreed the region's rescue funds could be used to stabilise bond markets without forcing countries that comply with EU budget rules to adopt extra austerity measures or economic reforms.
That provided a big relief to investors in markets from commodities to equities, who had low expectations the ongoing summit of European leaders would yield concrete solutions to solve the euro zone debt crisis now running into its third year.