Nearly useless as a metal, gold is winning attention as a hedge on economic uncertainty. Spot gold traded Friday at $1,214.60 per ounce in Asia, up $1.10, with spot market relatively busy given August is usually a quiet time of year, said one Singapore-based metals trader. Bulls are likely to be heartened that gold is rallying on weak economic data, in spite of dollar strength, enhancing its safe-haven status. Gold also doing well against other currencies. In euros, gold is up 4% this week to 944 euros per oz as “concerns about sovereign debt markets in Europe have seen the euro come under pressure again,” says Goldcore. Gold stocks rose in Hong Kong. China’s Zijin was up 1.9%, Zhaojin up 3% and Real Gold up 4.6%. Daniel So, analyst at Sun Hung Kai Financial, expects gold may rise more near-term given defensive nature, but as the third quarter is normally a quiet season for metal, expects consolidation may be imminent if trading sentiment in equity markets improves. “I think there could be more upside in the gold prices and shares of the gold stocks in the near-term, but it would be better to wait for a lower re-entry level to buy these stocks.”

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