Gold prices moved higher on Friday on a light day in U.S. trading amid a flight to safety following the deadly terrorist attacks in India. Gold for December settlement closed at $816.20 per ounce, up $7.70 on the session. Trading was light with many traders enjoying a four-day Thanksgiving weekend.
Suspected Islamic militants have invaded about 10 places across Mumbai, India's financial center, killing at least 125 people and injuring about 327 people so far.
For the week, gold added $14.40 and finished the month of November up $98. The 14% rise in November was the largest one-month gain since 1999. The climb helped gold pull away from a multi-month low near $680 reached in October.
Gold's rise came despite the fact that the U.S. dollar surged versus the euro amid renewed speculation that the European Central Bank will aggressively slash interest rates in December following some tame economic data. Generally gold moves opposite the dollar because of the precious metal's hedge appeal.
There are no major economic reports due from the US on Friday. U.S. equity markets will close early on Friday, following yesterday's Thanksgiving holiday.
Crude oil prices were modestly higher as traders awaited the results of the latest Organization for Petroleum Exporting Countries meeting. Light sweet crude for January settlement moved to $54.79, up 35 cents on the session.
