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

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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.

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