RTRS: Gold up 1 pct as U.S. buying breaks resistance
Gold jumped 1 percent on Friday, reversing earlier losses, as buying on the U.S. market pushed prices through technical resistance, with ETF buying and fears of currency devaluation fuelling interest in the metal.
Spot gold climbed to $935.20/936.70 an ounce at 1245 GMT from $926.65 late in New York on Thursday. Earlier it touched a low of $918.80.
U.S. gold futures for April delivery GCJ9 on the COMEX division of the New York Mercantile Exchange rose $11.40 to $935.40 an ounce.
"Massive futures buying in the U.S. market took out a lot of stops," said Citigroup analyst David Thurtell.
Calyon metals analyst Robin Bhar said Thursday's announcement that the Swiss National Bank had moved to devalue its currency to boost the economy and news of new inflows into ETFs had fuelled interest in the precious metal.
