LONDON, Oct 7: Gold hovered close to recent near 18-year highs in Europe on Friday as funds continued to show interest in the metal amid worries about inflation and US economic growth, dealers said.
The precious metal began to rise again the previous day as the dollar weakened and was once again in the running to surpass the $475 hit on Sept 22.
In the meantime, traders were hanging back to wait for key US jobs data due at 1230 GMT.
Spot gold was unchanged from $472.00/472.70 a troy ounce last quoted in New York on Thursday. The metal has gained about six per cent in a month.
Oil steadied near $62 as the market sought to balance weakening fuel demand in the world’s top consumer, the United States, against lost supplies of gasoline and heating oil from US and French refiners.
Gold is likely to remain strong in the near-term, with achieving the $500 mark within this year or early next year a likely realistic target, Standard Bank said in a report.
