The dollar's strength led to a 3.3 percent drop this week in gold, roughly matching the metal's last significant weekly decline since July. Gold stabled on Friday after its first weekly decline in nearly 3 months, with bullion investors keeping an eye on any statements from the G20 meeting. Any currency reaction to the G20 meeting in South Korea this weekend could provide fresh momentum to the gold market. Analysts, however, said it is unlikely for members to reach a deal on a U.S.-led initiative for a commitment from emerging economies to allow their currencies to rise. "I don't think there was an expectation that they will come up with a grand solution because everybody does have a different interest," said Axel Merk, portfolio manager of Palo Alto, California-based Merk Mutual Funds. "It's just the very beginning of a currency war. It's going to take a while to brew over. I have no doubt gold will be the beneficiary in the long run," he
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