Gold shed 1.13% during Friday's risk-off trading

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Precious metals dropped on Friday as persistent fears over spreading debt crisis in eurozone and worries over global economic outlook increased safe-haven appeal of the US Dollar. Spain announced that it was not ready to apply for a bailout while two-day EU summit failed to produce positive results.

Gold reached one-month low, coming under heavy pressure from strong greenback and global growth fears. Meanwhile, investors awaited speech of FOMC member Pianalto due on Monday.

Silver moved lower amid weak equities around the globe and solid US Dollar. Adding to losses in the white metal, US corporate earnings disappointed investors, thus weighting down on inventors' sentiment.

Platinum tumbled as supply concerns eased. On Friday, Sylvania Platinum reported that it has reached an agreement over the wage increase at its Eastern operations.

Palladium was the top-loser amid mounting worries over global growth. Palladium is the most growth-sensitive metal in the group as it is widely used in automobile industry.

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