Gold
headed for the biggest weekly decline in a month after a report showed
the U.S. economy grew stronger than expected in the second quarter,
reducing the metal’s appeal as a haven.
Bullion
for immediate delivery was little changed at $1,126.27 an ounce at 8:58
a.m. in Singapore, according to Bloomberg generic pricing. It has
declined 2.7 percent this week, the first weekly loss in three.
The
U.S. expanded at a 3.7 percent annual rate last quarter, exceeding all
estimates of economists surveyed by Bloomberg, figures showed Thursday,
propelling Asian and U.S. equities and the dollar higher. An improving
economy takes the luster off of gold because it increases the chances
that the Federal Reserve will start tightening monetary policy, reducing
the appeal of precious metals because they don’t pay interest.
Gold
futures for December delivery added 0.3 percent to $1,126 an ounce on
the Comex, heading for a 2.9 percent decline this week. Palladium surged
3.3 percent to $581 an ounce, extending a 5.6 percent advance on
Thursday, the most since Dec. 2011. Silver for immediate delivery
climbed 0.4 percent to $14.5530 an ounce, while platinum rose 0.8
percent to $1,008.50 an ounce.
Source : Bloomberg
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