Gold Breaks Through $302 Level

Gold breached the $302.00 resistance level in early European trading on Friday, but further gains may be capped by producer selling, dealers said. Gold was fixed on Friday morning at $302.75 an ounce, up from the previous fix at $299.60. Spot gold was last quoted at $302.20/$302.70, against a New York close at $301.10/$301.60. Dealers said gold was well placed ahead of the monthly over-the-counter options expiry, but might dip before the expiry and then move higher again in the afternoon.