The FINANCIAL — Gold edged higher on Friday, posting its largest weekly gain in over a month as it was supported by worries over inflation after encouraging US payrolls data, told gulfnews.
Gains were limited by technical resistance from a downward trendline connecting this year's highs. News that South Korea's central bank bought more gold in November also failed to spark more buying.
Some bought gold as a hedge against potential inflation on news that the US unemployment rate fell in November, and on market talk that European policymakers appeared ready to collaborate in tackling the region's debt crisis. Spot gold was up 0.2 per cent at $1,746.59 an ounce. It has risen 4 per cent for the week.
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