The increasing value of the shared currency of the European Union against the U.S. dollar helped propel the price of gold futures on Friday, published reports state.
The commodities complex is largely on the upswing on Friday, according to MarketWatch. But Friday gains for bullion come with a caveat due to recent losses. Reuters reports gold futures are driving toward a weekly decline this week and the precious metal thus far this month has lost 3 percent of its value.
"We continue to trade against the dollar and more macro pressure here could still see some more small-scale losses for gold," according to a note authored by analyst Andrey Kryuchenkov with VTB Capital, according to MarketWatch.
At 9:27 a.m. on Friday, gold futures rose 0.91 percent, a $15 gain to $1,657.50 per troy ounce.
All eyes are following the life and times of China, host of the world's second-largest economy that has delivered less-than-positive economic news during the recent weeks. Ben Bernake, chief of the U.S. Federal Reserve, which serves the globe's largest economy, is set to deliver a speech on Friday that is bound to impact foreign exchange and commodity markets.
