Gold price slips

Singapore (Apr 23)  Gold slipped from a five-week high and silver traded below its 11-month peak on Friday as the dollar strengthened against the euro, but the metals were headed for weekly gains buoyed by a rally commodities.

Spot gold eased 0.2 percent to $1,246.20 an ounce by 0042 GMT. Gold hit a five-week high of $1,270.10 on Thursday, but pared some gains after the dollar regained ground versus the euro.

The euro reversed course to trade lower against the dollar on Thursday after traders saw potential for the European Central Bank to eventually increase its stimulus measures if necessary.

For the week gold has gained 1 percent, largely on the back of silver's near-5-percent rally this week.

Spot silver hit an 11-month peak of $17.695 on Thursday although it also later pared gains on dollar strength.

Source: TheNewsInternational