Gold Enjoys Small Rally

Reuters reported that gold prices rose by 1% but the outlook for the metal remained gloomy.

As quoted in the market news:

Spot gold rose 1.2 percent to $1,661.70 an ounce by 1:55 p.m. EDT (1755 GMT). It is still heading for a loss of about 3 percent for the week, its second biggest weekly loss for the year and a third consecutive weekly drop.

Click here to read the full Reuters report.