Gold drops over 1pc as Italy, Spain downgraded

07 Oct, 2011

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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