Gold was trading close its highest in seven weeks on Friday and poised to record its fifth straight weekly gain as softer equities burnished the metal’s safe-haven appeal.
Spot gold eased 0.2 percent to $1,261.38 an ounce $1,265.40 – its highest since Dec. 10 and its biggest one-day rally in three months. Gold is up about 0.6 percent so far this week.
Barrick Gold will re-calculate its reserves at a gold price of $1,100, down from $1,500 a year ago, which will make some of its in-the-ground gold uneconomical to mine and may result in asset writedowns.
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