Gold set for biggest weekly gain in 17 months on risk aversion
Reuters - Jan 16, 2015
Gold hit a four-month high on Friday, looking set to post its biggest weekly gain in 17 months as investors sought safety from volatility in wider markets after Switzerland unexpectedly abandoned a cap on the franc.
Spot gold rose 1.3 percent to its highest since Sept. 2 at $1,278.60 an ounce in earlier trade and was up 1.2 percent at $1,276.41 an ounce at 1515 GMT. The metal had posted its biggest daily gain in six weeks on Thursday, up 2.6 percent, after the Swiss National Bank's move.
It was heading for its biggest weekly jump since Aug. 2013, up around 4.5 percent.
U.S. gold futures for delivery in February were up 1 percent at $1,276.90 an ounce, having gained 2.5 percent on Thursday.
