Gold set for biggest weekly rise since early December

28/01/2012 03:51 AST

Gold rose in Europe on Friday and headed for its best weekly performance since early December after the Federal Reserve signalled a continuation of its ultra-loose monetary policy, pushing the dollar lower against the euro.

Spot gold was up 0.3 percent at $1,724.70 an ounce at GMT at 1023 GMT, while US gold futures for February delivery were down $1.90 an ounce at $1,724.80. Spot prices have risen 10 percent this month, recouping December's hefty losses.

The precious metal surged towards $1,730 an ounce on Thursday after the Fed said it planned to keep interest rates on hold until at least 2014 and signalled it would be ready to take further measures to stimulate the economy.

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