Gold slipped more than 1 per cent on Friday, heading for its biggest weekly drop since March 2009, as stock markets gained and the euro rose after major central banks around the world strived to fight the debt crisis in Europe.
US Treasury Secretary Timothy Geithner will discuss with European finance ministers the possibility of leveraging the euro zone's bailout fund as the world's main central banks aim to ease dollar funding for stricken banks.
Spot gold fell $21.84 an ounce to $1,766.80 by 0327 GMT after falling 2 per cent in the previous session. Bullion struck a record around $1,920 last week on concerns the euro debt crisis could stall global growth.
US gold futures fell $8.8 an ounce to $1,772.60 as investors looked to next week's meeting of the Federal Reserve's Federal Open Market Committee (FOMC) on interest rates.
Asian stocks posted early gains on Friday as the relatively stable euro ahead of a European finance ministers meeting reflected hopes for an important policy move to fight the region's debt crisis, which had initially triggered rallies in gold.
US Treasury Secretary Timothy Geithner will discuss with European finance ministers the possibility of leveraging the euro zone's bailout fund as the world's main central banks aim to ease dollar funding for stricken banks.
Spot gold fell $21.84 an ounce to $1,766.80 by 0327 GMT after falling 2 per cent in the previous session. Bullion struck a record around $1,920 last week on concerns the euro debt crisis could stall global growth.
US gold futures
Asian stocks posted early gains on Friday as the relatively stable euro ahead of a European finance ministers meeting reflected hopes for an important policy move to fight the region's debt crisis, which had initially triggered rallies in gold.
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