Gold rises on bargain hunting but heads for weekly decline
Gold rose on Friday as bargain hunting emerged after prices hit a more than one-year low in the previous session, while market focus shifted to upcoming US inflation data. Spot gold climbed 1.1% to $3,918.59 per ounce by 0518 GMT, but has lost 3.6% so far this week. US gold futures for December delivery gained 1% to $3,922.60. “Today’s move is more of a positioning adjustment, given that several intraday short-term momentum indicators had kind of hit an extreme oversold level after yesterday’s dramatic fall,” said Kelvin Wong, a senior market analyst at OANDA.