In "Reuters (13-07-07)"
By Atul Prakash
LONDON (Reuters) - Gold was slightly off but held its ground near a five-week high on Friday, as analysts saw potential for gains as a slump in the dollar and firmer oil were seen boosting fund buying.
"Funds have been attracted into these markets because they are in an uptrend and that gives them an opportunity to make some money. They are making the markets more volatile," said Richard Davis, director of natural resources at Merrill Lynch Investment Managers.
"Our view on gold is very positive going forward. Investment demand is growing and that is important because investment demand is the only thing which has driven a bull market in gold."
Spot gold rose as high as 668.45 an ounce and was quoted at $666.40/667.20 by 4:17 p.m. EDT (1817 GMT), against $667.00/667.80 late in New York on Thursday, when it rallied to as high as $669.05 as the dollar tumbled to a record low against the euro.
Most-active gold for August delivery on the COMEX division of the New York Mercantile Exchange settled down $1.00 at $667.30 an ounce, trading between $664.40 and $669.90.
Dealers said the metal was supported by the currency and oil markets
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