Gold dips, heads for 1st weekly drop in over a month

On Friday, Gold edged down, heading for its first weekly decline in more than a month as stock markets gained, but bargain hunting could cushion the fall, with sentiment in the financial markets still fragile.

The press release is quoted as saying:

Spot gold fell $1.27 an ounce to $1,247.00 an ounce by 0559 GMT, after falling as low as $1,242.20 on Thursday, partly driven by technical selling from recent highs. Bullion, which struck record around $1,264 in June, is headed for a weekly drop of 0.2 percent, its first in six weeks.

Click here to access the entire press release