Gold headed for its third consecutive weekly loss, with investors strengthening bets on more rate hikes from the Federal Reserve following robust US jobs data and GDP figures.
Bullion dropped below the $1,900 an ounce threshold on Thursday for the first time since mid-March, before paring losses. Initial jobless claims notched the biggest weekly decline since 2021, while US gross domestic product was revised up to a 2% annualized advance in the first quarter.
The data gives the Fed more scope to keep raising rates -- usually a negative for gold, which doesn't yield any interest.
Spot gold was little changed at $1,908.83 an ounce as of 8 a.m. in Singapore, and was down 0.7% for the week. It was also on track for a second consecutive monthly decline.
The Bloomberg Dollar Spot Index was flat, after rising 0.3% in the previous session. Silver edged higher, while platinum and palladium climbed.
Source : Bloomberg
