London: Gold and silver headed for weekly gains in London as the dollar weakened against euro, supporting demand for the metals as an alternative asset.
The dollar has dropped 0.5% against the euro this week and may fall further after a government report that will probably show US companies added less workers in July than in the previous month. A strike threat at AngloGold Ashanti, Gold Fields and Harmony Mining, South Africa’s biggest gold producers, is also supporting prices.
Gold for immediate delivery rose 65 cents, or 0.1%, to $666.20 an ounce. That would be a weekly gain of 0.8%, compared with last week’s 3.3% drop. Silver added 3 cents, or 0.2%, to $13 an ounce.