Gold prices edged down on Friday after rising 2 percent the previous day, but they were supported by news that holdings of a key gold-backed exchange-traded fund rose to another record high. Gold rallied on Thursday when the Swiss National Bank sold Swiss francs against the euro, raising the spectre of a race to devalue major currencies.
Spot gold traded at $923.30 an ounce, down 0.4 percent from New Yorks notional close on Thursday, when it rose as high as $930.45. It moved in a narrow range between $926 and $921 per ounce on Friday and if it stays near current levels it could mark a fall of about 1 percent for the week.