LONDON: Gold fell on Friday and was set for its first weekly loss since May on improving global risk sentiment and a stronger dollar after better-than-expected US data.
Wall Street opened slightly higher as June retail sales rose 0.6 per cent in June, compared to an expected 0.1pc rise.
But European equities fell after an attack by a gunman at the wheel of a truck in the south of France killed at least 84 people. Spot gold eased 0.6pc to $1,327.30 an ounce by 1433 GMT.
It fell to its lowest since June 30 in the previous session. “In the short term, we can see some more pressure towards $1,300 as the focus is back on the US after strong economic data, which increases the probability of a rate hike before the end of the year,” Commerzbank analyst Carsten Fritsch said.
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.25pc to 962.85 tonnes on Thursday.
Courtesy : Dawn News