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Precious Metals

Gold is set for its first weekly decline since May

gold

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.

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Paul

The author Paul