Gold set for biggest weekly rise since 2008

Gold was set for its biggest one-week rise since late 2008 on Friday after a raft of soft economic data battered stock markets, though prices eased from record highs as equity markets and the euro edged off lows in afternoon trade.

US markets decline for the third day in a row as global economic worries intensifies

The US market extended their decline on Friday, for the third day in a row, stretching losses into a fourth week as global economic worries intensified. Apprehensive investors remained on alert for any sign of trouble or resolution from the European Union and its banks as German Chancellor Merkel rejected the idea of jointly issued euro-area bonds, saying that a collectivization of the region’s debt would leave euro members worse off.  Tech heavy Nasdaq, led the losses as Hewlett-Packard, the personal-computer maker reduced its outlook and said it might spin off its PC unit.