Gold futures gain, look set to erase weekly loss

Gold futures climbed on Friday as a selloff in global stock markets drew investors to the perceived safety of the precious metal.

A regulatory change in China amid intensifying fears over a Greek debt default are credited with helping trigger declines in the U.S. and other equity markets.

Gold for June delivery GCM5, +0.44%  rose $5.80, or 0.5%, to $1,203.80 an ounce on Comex, paring the commodity’s weekly price drop to roughly 0.1%.

Meanwhile, May silver SIK5, -0.36%  edged down by 2.9 cents, or 0.2%, to $16.255 an ounce, as the contract eyed a weekly decline of 0.7%.

A weaker dollar is also providing support to dollar-denominated gold prices. The ICE U.S. dollar index DXY, -0.26%  inched higher Friday, but was set for a loss of more than 1.5% for the week.

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