- Gold hit a fresh nine-week high above $1,100 an ounce on Friday, as investors sprinted to safe-haven assets due to jitters over the Chinese economy and tumbling stock markets.
- Spot gold was steady at $1,108.65 an ounce by 0044 GMT.
- U.S. gold rose to $1,113.10, also a nine-week high. Both have gained nearly 5 percent this week.
- Chinese markets face a day of high drama on Friday as share trading resumes with no automatic mechanism in place to restrict selling and the world watches to see if Beijing will allow its currency to fall yet further.
- The market bounced back on last day of the week after falling for previous four consecutive sessions. The Sensex rose 173.99 points or 0.70 percent to 25025.82 and the Nifty climbed 43.35 points or 0.57 percent to 7611.65 on short covering.
- Bullion was also supported by a softer dollar and the release of the minutes of the Federal Reserve's last policy meeting, assuring markets that U.S. interest rates would be increased only gradually this year.
- Spot platinum dropped 0.3 percent to $873.30 an ounce. Silver rose 2.1 percent to $14.30 an ounce.
PRICES
AT 0044 GMT
Metal Last
Change
Pct
chg
Spot gold 1108.65 -0.45
-0.04
Spot silver 14.29 -0.01
-0.07
Spot platinum 873.05 -0.75 -0.09
Spot palladium 494.25
2 0.41
Comex gold 1108.4
0.6 0.05
Comex silver 14.3 -0.044
-0.31
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