Gold holds firm after US data fuels uncertainty

Gold held firm Friday after upbeat US labour market data soothed immediate fears of a recession, but longer-term uncertainty about economic growth and concerns about the Eurozone debt crisis supported demand for the precious metal.Autocatalyst metals platinum and palladium both hit their lowest levels since late June at $1,674.95 (Dh6,151.76) and $727.43 an ounce respectively, and were on track to post their biggest weekly falls in two months. A deteriorating economic picture and expectations of lower vehicle sales prompted investors to sell their holdings.Spot gold was bid at $1,658.79 a troy ounce, from $1,647,90 an ounce late in New York on Thursday when it hit a record high of $1,681.67.The precious metal edged down slightly from earlier highs after data showed US job growth accelerated more than expected in July. But a weaker dollar against a basket of currencies helped support the precious metal. From / Gulf News