WASHINGTON (dpa-AFX) - Following the significant rebound seen in the previous session, the price of gold is showing a more modest move to the upside during trading on Friday.
Gold for December delivery was last seen trading up $10.80 or 0.3 percent to $4,180.90 an ounce after jumping $62.20 or 1.5 percent to $4,170.10 an ounce during Thursday's session.
Despite the extended rebound, the price of gold is currently on track to close lower for the week following an early slump.
The modest increase in the price of gold comes amid a slight decrease in the value of the U.S. dollar, with the U.S. dollar index slipping by 0.2 percent.
Gold prices had surged earlier in the session, jumping by as much as $50.30 or 1.2 percent to an intraday high of $4,220.40 an ounce before giving back ground.
On the U.S. economic front, a report released by the Federal Reserve showed industrial production in the U.S. increased by more than expected in the month of September.
The Fed said industrial production climbed by 0.7 percent in September following a revised 0.1 percent uptick in August.
Economists had expected industrial production to rise by 0.4 percent compared to the unchanged reading originally reported for the previous month.
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