By: Reuters With AP
Spot gold rose half a percent on Monday, rebounding from the previous session's decline triggered by the credit downgrades of Italy and Spain, as investors continue to watch the debt crisis unfold in the euro zone.
 |
altrendo images | Getty Images |
12.57 (+0.77%) 
]gained nearly half a percent to $1,645.49 an ounce by 0011 GMT, after rising about 0.9 percent in the previous week.U.S. gold [GCCV1 1653.00 17.20 (+1.05%) ]rose 0.7 percent to $1,647.70.
17.20 (+1.05%) ]rose 0.7 percent to $1,647.70.The credit downgrades of Italy and Spain triggered a sell-off in gold in Friday's session, as investors scrambled to cover losses in equities.
The leaders of Germany and France have promised to unveil new steps to solve the euro zone's debt crisis by the end of the month, as pressure builds for bold steps from Europe to avert a global economic backlash.
U.S. employers hired more workers than expected in September and job gains for the prior two months were revised higher, easing recession fears.
Investors are eyeing this week's data, including minutes of the Federal Reserve's Sept. 20-21 meeting; weekly filings for jobless benefits; and retail sales and consumer confidence numbers for September.
Money managers, including hedge funds and other large speculators, scaled back bullish bets in gold futures and options for the eighth time in nine weeks, as bullion deepened its correction from its record set early September.
Copyright 2011 Thomson Reuters. Click for restrictions.
