NEW YORK/LONDON: Gold rebounded from a two-day loss on Friday as a sharp slowing in US fourth-quarter economic growth boosted the precious metal’s safe-haven value, helping it post its best monthly gain in three years in January.
Gold could remain strong in the near term from worries about European instability even as the dollar remained strong, traders said. Spot gold posted an 8 percent gain for the month, its most since January 2012, helped by the Swiss National Bank’s decision this month to scrap the franc’s peg to the euro.
On Friday, spot gold rose 2 percent to reach $1,281 an ounce by (2020 GMT), after a session peak at $1,283. US gold futures’ benchmark contract, February, settled up $23.90, or 2 percent, at the day’s high of $1,278.50
an ounce. Reuters
