ENM: Gold swings between gains and drops on dollar, easing outlook
LONDON: Gold today swung between gains and losses near $1,700 an ounce as the dollar rose and amid speculation of more central bankBSE 1.13 % stimulus.
Gold added 14 cents to $1,700.04 an ounce, after rising 0.2 per cent earlier today and down 0.9 per cent. On the other hand, silver lost 0.2 per cent to $32.97 an ounce.
The dollar reached a one-week high versus the euro after the Bundesbank lowered its 2013 forecast for economic expansion in Germany, following the European Central Bank's euro-area downgrade yesterday.
Bullion's second straight weekly drop stalled amid speculation the Bank of Japan will boost easing and before a US employment report later today.
Holdings in gold-backed exchange-traded products fell 0.2 tonne from a record to 2,627.4 tonnes, the first decline in three weeks.
Prices are set for a 12th consecutive annual gain as central banks from the US to China pledge more steps to spur economic growth.
