Gold extended the biggest decline since November 2016 to head for a second weekly loss as traders await Friday’s speech by Federal Reserve Chairman Jerome Powell and U.S. jobs figures.
Spot gold -0.7% $1,508.55/oz at 9:44am in London. Prices set for second weekly decline after dropping 2.2% Thursday. Bloomberg Dollar Spot Index -0.1%.
Better-than-expected U.S. data yesterday, coupled with optimism about an easing in trade tensions, boosted demand for risk assets and caused a sharp sell-off among havens, including precious metals. A measure of 60-day volatility for spot gold set a fresh three-year high.
Other precious metals also declined, with silver retracting all of its gains this week while platinum headed for a relatively modest advance after its stellar rally.
Source : Bloomberg