Gold Near Its Highest level In 3 months After Weak US data

Gold held near its highest level in three months on Friday, heading towards the biggest weekly gains since mid-January with the release of weak US consumer confidence data reduced expectations of an economic lift US interest rates soon.

The dollar recovered from its lowest level in three months against the euro with the continuation of a rally to a three-day gold prices pushed to their highest levels since mid-February to a record of $ 1227.04 an ounce on Thursday.

By 1833 GMT, the price of gold rose 0.3 percent in spot transactions to $ 1224.53 an ounce, while the price of the metal jumped in US futures contracts for June delivery settled at ten cents to $ 1225.30 an ounce. The prices went up three percent since the beginning of the week.

And enhanced data released in recent market expectations that the economy is not strong enough to push the Federal Reserve (Fed) to raise interest rates beginning in June.

Among other precious metals silver price jumped 0.5 percent in spot transactions to $ 17.51 ​​an ounce and is heading for its biggest weekly gains in nearly two months.

Platinum rose 0.5 percent to $ 1164.44 an ounce, while palladium price increased 1.3 per cent to $ 791.50 an ounce


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