Gold halted its gains on Friday trading to hover around from five-week high, yet heading to end the current month on a gain after recording the longest stretch of advance in more than 60 days, as some investors preferred to lock in gains. The shiny metal was pushed up by optimism in markets this week following the European debt-relief accord which boosted demand on shares and commodities. European leaders agreed on Wednesday to make private sector bondholders to bare 50% of losses of Greek debt to cut the Greek debt by 100 billion euros, while leveraging the firepower of the EFSF to 1 trillion euros from the current 440 billion euros. In addition, the cheerful U.S. data has added to the positive sentiment. Yesterday, data showed the U.S. economy grew 2.5%, the fastest pace in a year, from the second quarter's expansion of 1.3%. Today's report showed that U.S. consumer spending gained 0.6% in September from the prior 0.2% rise, giving more clues the U.S. economy will probably avoid experiencing another recession. Next week, U.S. policymakers will discuss more measures to bolster the world's no.1 economy and to alleviate joblessness, where the main focus will be on the infamous non-farm payrolls report. Spot gold is traded around $1742.76 an ounce, after recording a low $1732.33 and a high of $1752.36. Crude oil for December delivery retreated to trade around $92.70 barrel compared with the day's starting level of $93.86. In the FOREX market, the U.S. dollar rebounded slightly after yesterday's sharp fall. The dollar index, which tracks the greenback's movements versus six major currencies, is currently hovering around 75.09 compared with the day's starting level of 74.96. Among other precious metals, sliver inched down to $35.10 from the day's opening of $35.22, platinum dipped to $1633.70 from $1645.25 and palladium slipped to $662.00 from $667.25 as of 13:45 GMT.
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