Gold strengthened on Friday night trading following more bad employment data from the US which helped weaken the USD$ overall. It hit its high of USD$1211 ( highest since July 15 )before settling back at USD$1206.
Expectations of increased demand from China are also helping bolster the price increases.
"Gold has pushed up through resistance at $1,204 per ounce as the dollar weakened on the back of the poor non farm payrolls data, but with the equities also under pressure, it looks as though there has been a pick up in risk aversion too," analyst William Adams of FastMarkets said.
Safe-haven buying is likely to carry through to next week, he added, as fears over the extent of the global economic recovery and US dollar weakness push yellow metal prices higher.
Resistance levels currently stand at $1,218. Support is pegged at $1,187 and $1,176.
Continuing demand for the Kiwi dollar have helped keep it above 0.73, with analysts anticipating further upward pressure after the US FOMC meeting later this week.
DISCLAIMER: New Zealand Mint does not provide financial advice and does not employ financial advisors. Any opinions expressed within news articles are not intended as recommendations. If you are looking for investment advice, please seek independent, specific advice regarding your personal financial situation from a qualified professional.
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