Gold Down 0.8% For Week, Reflecting Risk Appetite

Gold futures fell into negative territory for the week on Friday, as risk appetite returned to markets.

Stocks rose along with crude oil prices on hopes for a deal to freeze oil output from Saudi Arabia and others.

April gold fell $18.40, or 1.5%, to settle at $1,220.40 an ounce.

Earlier in the week, prices approached a yearly high near $1250, but talk of further central bank stimulus soothed jittery investors mid-week.

A better-than-expected US GDP reading also calmed Wall Street.

Real gross domestic product increased by 1.0 percent in the fourth quarter, reflecting an upward revision from the initially reported 0.7 percent growth.

The material has been provided by InstaForex Company – www.instaforex.com