Gold rebounded after four days of decline as hopes that European leaders will bridge differences among them to reach a decisive and comprehensive agreement on Saturday enhanced demand on commodities and shares. Now, gold is leaving its basic characteristic which is being a safe haven asset and moving with shares which mainly reflects the sentiment in the market Eyes will be European summit on October 23 to see the details of the plan proposed by Germany and France to contain the two-year-old debt crisis. Merkel and Sarkozy will meet on Sunday in another summit as they need extra time to craft the main points of the plan, where they will meet also on Saturday evening to continue their negotiations. Merkel's spokesman said "the chancellor is confident that in this way, good, coordinated measures for the stability of the euro zone can be achieved." Spot gold is traded around $1642.75 an ounce after recording a high of $1648.38 and a low of $1611.40. However, gold is poised for the first weekly decline in two weeks as worries throughout the week that European leaders are divided over the ECB role and leveraging the EFSF supported the dollar. Crude oil for November delivery, on the other hand, advanced to trade around $88.47 a barrel compared with the day's starting level of $86.42. Moreover, the shiny metal as well as other commodities, also took advantage of the drop in the dollar which was damped as a refuge amid hopes the coming European summit will put an end to the crisis. The dollar is currently traded near the day's opening level of 76.35 compared with the day's starting level of 76.92, according to the dollar index which tracks the dollar movements versus six major currencies. Among other precious metals, sliver edged up to $31.30 from the day's opening of $30.57, platinum surged to $1509.70 from $1499.65 and palladium soared to $618.75 from $590.75 as of 14:36 GMT.
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