Gold prices take a break on Friday after climbing 4 percent the previous day, but still were preparing to close its best week in four years due to the turbulence of the stock market led investors to acquire more assets refuge.
Along with the US Treasury and the yen, gold has benefited from seeking refuge, as investors are concerned about the health of some banks and the risk of a global recession.
Spot gold was trading down 0.7 percent at $ 1,237.36 an ounce by 1001 GMT, after having climbed to a high of $ 1,260.60 on Thursday, its highest level since February last year .
Spot gold has advanced 5.5 percent this week, the biggest gain since October 2011 and analysts say the next goal for the bullion might be $ 1,300 per ounce, if the financial turmoil continue.