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Gold recovers and is heading for its biggest monthly gain in nearly a year
The price of gold rose on Friday after falling more than two percent to its lowest level in two weeks on Thursday night due to fears over rising US interest rates soon, but the metal still heading for its biggest weekly losses in two months.
The price of gold rose 0.4 percent in spot transactions to $ 1261 for ounce, after falling to $ 1251.86 on Thursday, its lowest level since January 15 January. The gold came down 2.2 percent on Thursday night in the biggest daily loss since mid-December.
The yellow metal has lost 2.6 percent since the beginning of the week but is still up 6.5 percent since the beginning of January, heading for its biggest monthly gain since February of last year after it hit its highest level in five months, to $ 1306.20 an ounce last week.
The increased price of gold in US futures contract for February delivery 0.5 percent to $ 1260.40 an ounce, after falling 2.4 percent on Thursday.
Among other precious Almaaden silver fell 0.7 percent to $ 16.81 an ounce on Thursday night after getting out the largest pace since September 2013.
And platinum rose 0.23 percent rate to $ 1222.85 an ounce, while the price of palladium rose 0.52 percent to $ 776.50 an ounce
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