Gold
futures gained for the second time in three sessions as the dollar fell
from a five-year high, boosting demand for the metal as an alternative
investment.
The
dollar lost as much as 0.2 against a basket of 10 currencies after
touching the highest since March 2009. Bullion slid earlier after a
government report showed the U.S. economy expanded more than expected,
damping demand for the metal as a store of value.
Gold
has fallen 14 percent from a 2014 high, and global holdings in
exchange-traded products backed by the metal last week slumped to the
lowest since May 2009, amid gains in the dollar on an improving U.S.
economy. Faster growth supports the Federal Reserves decision last month
to stop buying debt as policy makers monitor economic progress while
deciding when to raise interest rates for the first time in eight years.
Gold
futures for February delivery rose 0.1 percent to settle at $1,197.80
an ounce on the Comex at 1:40 p.m. in New York. The metal slid as much
as 0.6 percent earlier. Bullion posted two straight weekly gains through
Nov. 21 amid central bank action from China to Japan to Europe to boost
growth.
U.S.
gross domestic product grew at a 3.9 percent annualized rate in the
third quarter, capping the strongest six months in a decade and topping
the 3.3 percent estimate in a Bloomberg survey of economists, a
government report showed today.
Source: Bloomberg
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