Oil is on track for a 7.3 percent gain this week, and was last at this level on October 21, 2008 when it closed at $75.22 a barrel on its way down from a record peak above $147. "We've seen a lot of short-covering in all commodities since the U.S. market opened...gold in particular. It has trickled back a little, but could move on fundamentals once the housing data is out," said Rob Montefusco, a trader at Sucden Financial. Gold firmed 2 percent to a one-week high on Friday, intandem with a stronger euro, after robust euro area economic data dented the dollar's appeal and made bullion cheaper for non-U.S. investors. The U.S. National Association of Realtors will also release existing home sales for July at 3 p.m.. Economists forecast a total of 5.00 million annualised units versus 4.89 million in June.