GLD•Spot gold rose 1.1% to $3,918.59 an ounce after hitting a more than one-year low, but remained down 3.6% for the week. Investors awaited US Producer Price Index data due at 1330 GMT.
Gold rose on Friday as bargain hunting emerged after prices hit a more than one-year low in the previous session. Spot gold was up 1.1% at $3,918.59 per ounce, while December US gold futures gained 1% to $3,922.60; spot gold was still down 3.6% for the week.
OANDA analyst Kelvin Wong said the move reflected a positioning adjustment after short-term momentum indicators reached an oversold level. Markets were awaiting US Producer Price Index data due at 1330 GMT. Higher interest rates increase the opportunity cost of holding non-yielding gold, while silver and palladium were also headed for weekly declines.
