Gold traded flat on Friday, on track to post its biggest weekly drop in five as strong US economic data supported the case for a near-term increase in interest rates.
The upward revision in US economic growth i
Gold steadied on Friday after a rally to six-week highs ran out of steam, but it remained on track for the biggest weekly rise since mid-January as more bad economic data from China battered financial markets.
Gold slipped to near 5-1/2-year lows on Friday and was on course for a sixth straight weekly fall, its longest retreat since 1999, after upbeat US economic data strengthened expectations for a near-term hike in interest rates.
Gold was little changed on Friday, on track for a second weekly gain, bolstered by the Federal Reserve's caution on US interest rate hikes and worries over Greece, but a recovering dollar capped the upside.
Spot gold was up 0.
Gold fell from three-month highs on Friday as the dollar firmed, but stayed on track for its biggest weekly gain since mid-January as a spate of soft economic data dented expectations for an imminent rise in US interest rates.
Gold rose on Friday as chart levels were broken, but was still heading for its first weekly fall in four, pressured by a stronger dollar and renewed expectations for a US rate hike this year.
Spot gold climbed 0.8 per cent to $1,2
Gold rebounded and world shares weakened on Friday before a meeting of euro zone finance ministers that could put Greece on its way to exiting the bloc, but prices were still headed for their fourth straight weekly drop.
Gold edged down on Friday as the impact of a firmer dollar more than offset lower European equities ahead of keenly awaited US employment data, and looked set to post its biggest weekly loss in almost two months.
A strong US jobs
Brent crude oil traded almost $2 higher on Friday, on track for its second weekly increase, as fighting in Libya and stronger economic signals from the United States helped futures rebound from near-six-year lows.
Prices remain ro
Gold was on course for its biggest weekly fall in two months despite edging higher on Friday, a day after a two per cent slide on expectations for a US interest rate rise.
Investors took some profits on Thursday on concern that st