Gold rallied on Friday by investors looking for refuge from financial market uncertainty and concerns about currency depreciation as the market awaited the outcome of a G20 meeting.

Speaking of the ongoing fears arising from the spreading European financial crisis, one should mention Japan. The European Union accounts for about 13% of Japan’s exports, and Europe is the source of revenue to around 21% of Japanese companies’ overseas subsidiaries’ sales.

Despite, the EU packages and programs to rescue the EU coming debt financial crisis, nothing seems to be effective or a reliable solution.

Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labour Department said on Thursday.

The Federal Reserve may again increase the discount rate at its meeting, further widening the gap to the more closely-watched fed funds rate, analysts said.

The Nonfarm Payrolls report showed that the U.S employee lost only 11 thousand jobs in November. The previous reading was also revised going down form 190 thousand to reach 111 thousand.

In an attempt to defend his policy, Sheikh Mohammed bin Rashid Al Maktoum accused the whole economic world and the media of not understanding anything about the economy of Dubai. He accused them also of misunderstanding the announcement made by Dubai World – the company that started the turmoil that dominated the world’s financial markets the previous days.

Sales of previously owned U.S. homes jumped to a two-year high last month, according to data on Friday. The National Association of Realtors said sales of existing homes jumped 9.4 percent in September to an annual rate of 5.57 million units, the highest level since July 2007.

Bank of England Governor Mervyn King said Tuesday that the British economy will likely return to growth in the second half of this year, but warned that gains would be modest and that the path to a sustained recovery is far from clear.

The Federal Reserve held interest rates steady at historic lows Wednesday, welcoming the improving economy and making few changes to its debt-buying plans as it buys time to monitor how the nation recovers from the worst recession in 80 years.