Gold prices slightly fell on Friday, as the strength of the U.S. dollar amid rising concerns over the European debt crisis, while the U.S. jobs report showed worse than expected job growth in October, but unemployment fell unexpectedly to 9.0%.
Nonetheless, the losses for gold prices were limited, as traders targeted gold as a safe haven amid the huge uncertainty that is surrounding the outlook for the European debt crisis, where the appeal of gold as a safe haven seems to have returned over the course of this week.
Traders will continue to monitor the developments from Europe regarding the debt crisis, especially amid the lack of major economic data from the United States, but overall, we expect gold prices to extend their rally over the coming period.
