Friday, May 17th 10:31 AM IST

Gold heads for worst weekly decline in a month

# gold  # comex  # nymex  # debt crisis  

Gold for immediate delivery was seen trading at $1378.42 an ounce at 12.00 noon Singapore time while US gold for June was seen at $1377.34 an ounce on the comex division of nymex.

SINGAPORE(BullionStreet): Gold is on track for it’s worst weekly decline in a month as the dollar gained further.

Gold for immediate delivery was seen trading at $1378.42 an ounce at 12.00 noon Singapore time while US gold for June was seen at $1377.34 an ounce on the comex division of nymex.

Analysts said the precious yellow metal is also hit by a decline in U.S. inflation rate, even as the dollar dropped against some major currencies on a slew of weak macroeconomic data out of the U.S.

Gold has lost nearly 6 percent of its value in the six sessions through Thursday as stocks gained on the back of strong U.S. economic data, and on fears the Federal Reserve could end its bullion-friendly bond buying program.

Meanwhile, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said holdings fell 0.55 percent to 1041.42 tonnes on Thursday, the lowest in four years.

On Thursday, Gold futures ended lower for a sixth straight day as June gold fell $9.30, or 0.7%, to settle at $1,386.90 an ounce on the Comex division of the New York Mercantile Exchange.

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