Prices of gold futures decline ahead of the first weekly drop in a month as crude oil at the lowest level in four years increased the perspectives of a cooling of consumer prices, which reduces the demand for hedging against inflation.
The markets were nervous before an upcoming Swiss referendum on the gold reserves of the central bank’s trading signals.
Thanksgiving on Thursday and as a short session COMEX flat trading was scheduled for Friday.
Bullion for immediate delivery lost up to 0.9 percent to $ 1,181.84 an ounce, its lowest level since November 20 and the metal is 1.1 percent lower this week, which decreases extends up three weeks of $ 1207.93 on November 21, before a upcoming Swiss vote.
Swiss voters are established to go to the polls on November 30 to decide whether the SNB should have at least 20% of its assets in the precious metal, above 8% today.
The most recent opinion poll released last week showed that support for the proposed “Save our Swiss gold” fell to 38%, down from 44% in a survey last month.
On the Comex, gold for February delivery at $ 1186.80 a troy ounce during trading, down 0.89% European morning.
At the Multi Commodity Exchange, gold futures delivery in February 2015 fell by Rs 125, or 0.47 per cent, to Rs 25,509 per 10 grams.
Dollar spot index edged up 0.2 percent today, ready for the highest close since March 2009 as currencies of oil- producing countries were weakened after OPEC kept its production goal no change amid the increased production of the United States in three decades and symptoms of deceleration in demand.
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