Gold up to $1197 as German Data Lifts Euro

Gold hit 2-1/2-week highs on Wednesday, rising for the sixth straight session as upbeat German sentiment data helped drive the euro higher against the dollar, and as expectations for an imminent U.S. interest rate rise receded.

The euro was up 0.4 percent versus the U.S. currency after a survey on German business morale fueled expectations that a euro zone economic recovery is strengthening, extending gains after U.S. durable goods data missed expectations.

Spot gold was up 0.2 percent at $1,195 an ounce, having earlier touched its highest since March 6 at $1,199.70. U.S. gold futures for April delivery settled up $5.60 an ounce, or by .5 percent, at $1,197.


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