Gold headed for its second straight weekly decline as the outlook for improving economic growth curbed demand for the precious metal as a haven.
Bullion for immediate delivery fell 0.1 percent to $1,292.63 an ounce at 9:20 a.m. in Singapore, according to Bloomberg generic pricing. Prices tumbled to $1,287.80 yesterday, the lowest since June 19, and are set to drop 1.4 percent this week. Gold for December delivery added 0.1 percent to $1,294.10 on the Comex, also set for a second weekly loss.
A Chinese manufacturing gauge rose to an 18-month high in July and U.S. jobless claims fell to the lowest since February 2006, reports showed yesterday. The Standard & Poor’s 500 Index of stocks climbed to a record. Gold is set to drop this month after unrest in Ukraine and the Middle East helped prices rebound 10 percent in the first half of 2014.