Gold hit a fresh peak above $1,100 an ounce on Friday but crude oil prices fell as a disappointing rise in US unemployment fuelled concerns about prospects for a recovery in the world’s largest energy consumer.

Gold hit $1,100.90 a troy ounce before easing back to $1,095, up 4.8 per cent this week and gaining 24.7 per cent this year amid hopes for a fresh round of buying by central banks in emerging economies.