Gold is set for its first weekly decline since May

by Jonathan Adams

Gold prices dipped on Friday on a firmer dollar and surging Asian shares and were set for the first weekly decline since May, after falling to a two-week low in the previous session.

Asian shares extended gains to eight-month highs, on track for a solid weekly rise, as better-than-expected economic data from China lifted risk sentiment that was already buoyant after record highs on Wall Street. The US dollar extended its gains and scaled a three-week high against the yen.

Spot gold eased 0.4% to $1,328.78/oz (£989.20/oz) by 4.05am GMT. Bullion fell about 0.6% on Thursday and hit $1,319.82 (£982.53), its lowest since June 30.

The metal has fallen about 2.7% so far this week and is set for its first weekly decline since the week ending May 27.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.25% to 962.85 tonnes on Thursday.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
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