News Column

Gold set for weekly drop on US data

May 2, 2014

Gold steadied on Friday after two losing sessions but was headed for its second week of losses in three on expectations of a robust US jobs number and continued selling in the top bullion-backed exchange-traded fund.

Holdings in the SPDR Gold Trust dropped 2.39 tonnes to 785.55 tonnes on Thursday, after losing 4.19 tonnes on Wednesday. Spot gold was up 0.1 per cent at $1,284.88 an ounce by 1006 GMT, ranging in the narrowest trade for four months. It was down about 1.4 per cent for the week.

US gold futures for June delivery rose 0.7 per cent to $1,284.20 an ounce. Investors were eyeing the US April nonfarm payrolls report, due to be published at 1230 GMT, for further clues on the economy, which has shown strength in recent weeks after a severe winter hurt the first quarter.

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Source: Khaleej Times (United Arab Emirates)