Gold Set for Worst Weekly Drop Since Sept.
Gold fell Friday, extending the prior session’s pullback, with technical selling and margin liquidation amid losses in other markets putting the metal on track for its largest weekly loss since September.
Bullion initially rose, tracking gains on Wall Street after news that euro zone and International Monetary Fund officials had discussed working together to provide sufficient resources to tackle the region’s debt crisis.
The metal later turned lower, pressured by persistent fears of European debt contagion and rising money market stress.
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