Gold headed for a weekly loss after two days of declines as economic data from the U.S. strengthened the case for a recovery, curbing haven demand. Palladium climbed, set for a weekly advance.
Bullion for immediate delivery traded at $1,230.31 an ounce at 11:53 a.m. in Singapore from $1,231.84 yesterday, according to Bloomberg generic pricing. Prices are 0.7 percent lower this week after retreating to $1,226.43 yesterday, the lowest level since Oct. 15. A third day of losses for bullion today would be the longest run of declines this month.
The four-week average of U.S. jobless claims fell to the lowest since May 2000, while the Bloomberg Consumer Comfort Index’s measure on the state of the economy rose last week, data showed yesterday, boosting the dollar. Assets in the SPDR Gold Trust, the biggest gold-backed exchange-traded product, dropped to lowest since November 2008 this week.
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