Gold Remains Below $1240 on Global Economy Concerns

Gold settled lower on Friday as U.S. equities rebounded but managed to log a second straight weekly gain as concerns over the global economy have raised speculation that the U.S. Federal Reserve could keep interest rates low for longer.

The dollar index rose, and the S&P 500 index gained nearly 2 percent after data showed U.S. housing starts and permits rose in September, a signal the market’s modest recovery is supporting what appears to be growing strength in the broader economy.

U.S. equities, however, are set for their fourth straight weekly decline, their longest streak in more than three years, on concerns about the economy and the spread of the Ebola virus.

CNBC

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