Gold steady above $931; tracks dollar retreat vs euro
By Nick Vinocur
LONDON (Reuters) - Gold rose on Friday, steadying above $931 per ounce as the dollar lost ground versus the euro, with deeper concerns over the U.S. economic outlook also underpinning the metal.
Spot gold stood at $931.70 by 11:10 a.m. EDT, up from $928.65 late in New York. Earlier it rose to $933.90.
After a week of tracking a volatile dollar, gold is on course for a 0.6 percent fall on the week -- retreating further from a four-month high near $990 hit in early June.
The precious metal found support above $931 after falling on Thursday, when weaker-than-expected U.S. non-farm payroll data sent investors piling into the relative safety of the dollar.
The U.S. currency .DXY lost some ground against a basket of six currencies but remained broadly positive on Friday, with U.S. financial markets closed ahead of Independence Day.
Dollar moves have proved influential of late in determining immediate interest for bullion from foreign investors.
But the bleak jobs data and other mixed economic indicators have highlighted gold's core appeal as a harbor from risk.
Analysts said gold was being supported by increased demand from retail investors, but also persisting questions about the world economy's ability to right itself in coming months. Continued...
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