RTRS: Gold hits 4-week high on cloudy econ outlook
SINGAPORE (Reuters) - Gold touched a four-week high on Friday, extending gains from the previous day as investors bought the precious metal and shied away from riskier assets on concern about the health of the global economy.
Fresh U.S. data that would give further pointers to the health of the world's largest economy could push gold even higher, after unemployment data on Thursday spurred safe-haven demand for gold and the dollar.
"We may see gold edging further up on follow-on strength after yesterday's gains," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.
"If U.S. retail sales comes in weaker than expected then people will be getting worried about the U.S. economy."
U.S. consumer confidence and consumer prices are also due out later on Friday.
Spot gold stood at $1215.10 an ounce by 0446 GMT, up $3.90 on the day, after earlier touching $1215.85 an ounce, its highest since July 15.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said on Friday its holdings rose for the second consecutive day. It held 1,286.699 tonnes by August 12, up from 1,285.787 tonnes on August 11.
Investor interest and the higher price had depressed physical demand, a Hong Kong-based trader said.