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Gold set for weekly drop

Gold set for weekly drop

LONDON: Gold steadied on Friday after three days of declines and was heading for its first weekly drop in three as a stronger dollar and higher equities kept investor interest in check.

Bullion climbed to a three-week high on Tuesday, only to give up gains as world stocks rose on Thursday to their highest levels since late December, boosted by robust Chinese economic data and a surge in oil prices earlier this week.

Spot gold was up 0.1 per cent at $1,229.06 an ounce by 1438 GMT, following a drop of 1.3pc in the previous session. It was heading for a 1pc loss for the week.

“Lately, we’ve had some indicators that the growth fears have eased and things are looking a bit more positive,” Julius Baer commodity analyst Warren Kreyzig said.

“But there are a lot of negative surprises on the economic data front,” he said.

Assets in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell to 806.82 tonnes on Thursday, its lowest in a month.

Silver was up 0.1pc at $16.16 an ounce.

Courtesy : Dawn News



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