Gold to Six Week High above 1260 on Softer Equities

Gold was trading close its highest in seven weeks on Friday and poised to record its fifth straight weekly gain as softer equities burnished the metal’s safe-haven appeal.

Spot gold eased 0.2 percent to $1,261.38 an ounce $1,265.40 – its highest since Dec. 10 and its biggest one-day rally in three months. Gold is up about 0.6 percent so far this week.

Barrick Gold will re-calculate its reserves at a gold price of $1,100, down from $1,500 a year ago, which will make some of its in-the-ground gold uneconomical to mine and may result in asset writedowns.

CNBC

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