Gold edged lower on Friday as the market nervously awaited US nonfarm payrolls data, heading for its longest weekly losing streak in more than six months as equities firmed and optimism grew about the US economy.
Investors in gold
Spot gold hit fresh three-month highs on Friday and looked set to post its biggest weekly gain since October as more weak US data raised fears about economic growth, burnishing the metal's appeal as a safe-haven.
US gold futur
US manufacturing activity slowed sharply in January on the back of the biggest drop in new orders in 33 years while construction spending barely rose in December, pointing to some loss of steam in the economy.
Economists largely b
Gold fell on Monday, on course for its largest annual loss in 32 years, as thin pre-holiday trade and signs of an improving US economy growth kept investors fretting over the impact of the Federal Reserve's stimulus tapering.
The US economy barely grew in the fourth quarter although a slightly better performance in exports and fewer imports led the government to scratch an earlier estimate that showed an economic contraction.
A gauge of planned US business spending recorded its largest increase in more than a year in January, suggesting growing confidence in the durability of the economic recovery.
The case for the economy's resilience was further
The US economy grew faster than previously thought in the third quarter, helped by exports and government spending, but a sluggish global demand and belt-tightening by Washington looks set to put on the brakes again.
President Barack Obama's re-election is good news for the world economy and financial markets. Of course a victory by Mitt Romney, unlikely though it was, might have been even better news, which is perhaps why stock markets
Spot gold prices eked out small gains on Friday after data showed U.S. economic growth picked up in the third quarter, but the metal was heading for its first three-week loss in more than a year on uncertainty over the future of the U.S. Federal
Brent futures fell more than $1 on Friday to slip below $108 a barrel, as investors waited for key US economic data to gauge the demand growth outlook for oil, with rising supplies weighing on prices.
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