Gold Advances for Fifth Straight Week

Gold Advances for Fifth Straight Week (Reuters)

Gold hit its highest price in two months on Friday as the U.S. dollar fell and a global flight from emerging market assets pushed global stock markets toward their worst week so far in 2014. The U.S. dollar remained wobbly after registering its biggest one-day drop in three months on Thursday, setting bullion on course to post a fifth week of gains. Spot gold was up 0.3 percent at $1,267.50 an ounce at 1431 GMT, slipping slightly after reaching $1,272.70, its highest since mid-November. U.S. gold futures for February delivery gained 0.4 percent to $1,267.00. Gold is on track to record a fifth straight weekly gain for the first time since September 2012. But investors still are wary of a market that took its biggest fall in more than 30 years in 2013.