Gold headed for a second weekly decline as investors awaited the release of the monthly U.S. jobs report on Friday for clues on the health of the economy after the European Central Bank delivered fresh stimulus and cut its growth forecast for its region.
Spot gold little changed at $1,285.72/oz at 8:35am in Singapore. Metal -0.6% this week after -2.7% week earlier; heads for the first back-to-back weekly drop since end-Nov. Bloomberg Dollar Spot Index steady after capping seventh daily gain on Thursday to the highest close since Dec. 26.
This comes in a week when China reduced its goal for economic expansion, the Bank of Canada dialed back its expectations for policy tightening and the Organisation for Economic Co-operation and Development lowered its global outlook. Still, even with these gloomy views, gold has been pressured by the stronger dollar.
Source : Bloomberg