Date: 24.02.2012
GOLD HELD STEADY ON FRIDAY Feb 24
Gold held steady on Friday, after hitting a three-month high in the previous session on upbeat economic data from Germany and the United States, while high oil prices also helped underpin the sentiment. www.goldennifty.com
FUNDAMENTALS
* Spot gold edged down 0.1 percent to $1,777.81 an ounce by 0035 GMT, on course for a more than 3 percent weekly rise, its strongest one-week gain in nearly a month. www.goldennifty.com
* Singapore gold lost 0.4 percent to $1,779.50.
* Upbeat data from the United States and Germany helped lift the sentiment in the financial markets, pushing U.S. stocks to near a level unseen since before the global financial crisis and the euro to a 2-1/2-month high against the dollar on Thursday. www.goldennifty.com
* But the European Commission warned that the euro zone economy is heading into its second recession in just three years and the wider European Union will stagnate.
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings gained 1.209 tonnes to 1,282.796 tonnes by Feb. 23, the highest in more than two months.
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