Gold slipped on Friday due to declining in oil prices and the dollar rose after sturdy economic data from the US, but the metal was on its way for its biggest weekly gain since June following gains in the early week from safe-haven demand. The outlook of rising interest rates in the US are higher evidence of increased demand in China.
Spot Gold lost as much as 0.8 percent today to $1,217.50 an ounce and traded at $1,219.96 in Singapore.
Gold for February delivery was dropped to 0.6 percent to $ 1,218 an ounce before trading at $ 1,220.50 on the Comex in New York. Futures rose to a six weeks of $1,239 on 9 December.
Holdings in the SPDR Gold Trust boarded 725.75 metric tons yesterday, the highest since November 7. This is still 9.1 percent lower of the year because investors lost interest on bullion after the Fed ended its bond buying program that failed to stimulate inflation.
US crude fallen more than $ 1 to 5-1 / 2 years in fresh low below $ 59 a barrel in early Asian trade on Friday, extending losses due to ongoing concerns about excess supply and an outlook for bearish sentiment.
Earlier this week, gold had gained as global equity markets and the dollar dropped on global growth concerns and political uncertainty over Greece, plus some profit taking.
In domestic market, at the Multi Commodity Exchange, gold for delivery in far-month April fell by Rs 50, or 0.18 per cent, to Rs 27,341 per 10 grams.
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