Gold Drifts Below $1213 on U.S. Rates Prospects

Gold fell to extend a weekly drop as investors assessed prospects for higher U.S. interest rates before the world’s biggest economy reports monthly payrolls. Platinum dropped to a five-year low, set for the biggest weekly loss since June 2013.

Bullion for immediate delivery slid as much as 0.3 percent to $1,211.06 an ounce and was at $1,211.56 by 10:02 a.m. in Singapore, down 0.6 percent this week, according to Bloomberg generic pricing. The metal touched $1,204.57 on Sept. 30, the lowest since Jan. 2.

Gold is moving closer to erasing this year’s gains. An accelerating U.S. economy means investors are shunning haven investments even after the U.S. expanded sanctions against Russia and stepped up its campaign against Islamic State. Improving data have strengthened the dollar and prompted the Federal Reserve, on track to announce the end of its bond-buying program this month, to assess whether the economic recovery can withstand higher borrowing costs.

Bloomberg

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