Gold, fall as investors focus on Spain
Gold futures fell Friday on profit-taking, closing the week with a loss, as investors focus on whether Spain will seek a bailout ahead of a key European summit next week.
The metal ended the week with a loss of 1.2 per cent, as gold for December delivery dropped $10.90, or 0.6 per cent, to end at $1,759.70 an ounce on the Comex division of the New York Mercantile Exchange.
Crude prices also fell today, as investors considered a report showing weaker oil demand this year, while also keeping an eye out on continued Middle East tension.
Crude oil for November delivery fell 21 cents to settle at $91.86 on Friday, closing the week up 2.2%.
Friday, the International Energy Agency in its monthly report cut its 2012 estimate of how much oil demand would grow, to 700,000 barrels a day from around 800,000.
There was some support earlier, with oil bouncing between gains and losses Friday, as the University of Michigan/Reuters consumer sentiment index for October rose to 83.1, the highest level in five years. It was expected to come in at 78.5.
Meanwhile, a conflict between Syria and Turkey could potentially disrupt supplies.
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