Gold Spikes Over 2% As Crude Oil Rises On OPEC Hopes

Gold spiked on Friday, reversing earlier losses, as crude oil price gained on speculation that OPEC may cut production to stabilize the oil market. Gold climbed 2.5% to trade at $1,190.70 an ounce in electronic trading while light, sweet crude futures for delivery in December rose 65 cents, or 0.9%, to trade at $74.86 a barrel. A decision on oil production could come in two weeks when OPEC meets in Vienna. A stronger U.S. dollar against the Japanese yen and the euro also prompted demand for the precious metal.