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NEW YORK/LONDON: Gold fell more than 1 percent on Friday as investors quickly sold to raise cash to cover margin calls in the lower equity markets after Fitch downgraded the credit ratings of Spain and Italy.
Despite Friday's pullback, gold is on track to notch its first weekly gain in a month. Bullion this week has largely risen in tandem with risk assets, and the safe-haven buying that helped the metal's three-year rally was absent.
Gold climbed with Wall Street in early trade after a better-than-expected US nonfarm payrolls report eased recession fears.
Copyright Reuters, 2011
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