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Gold Steady Above $1140 as Dollar Surge Hurts Demand

Gold held near the lowest level since April 2010 as a gauge of the dollar headed for the biggest weekly advance in more than a year, curbing demand. Platinum retreated to a one-month low.

Bullion for immediate delivery traded at $1,141.51 at 10:24 a.m. in Singapore from $1,141.92 yesterday, according to Bloomberg generic pricing. The metal is poised for a third weekly decline, dropping 2.7 percent since Oct. 31, and reached $1,137.94 on Nov. 5, the lowest level in more than four years.

Gold may decline for a second consecutive year for the first time since 2000 as the U.S. Federal Reserve prepares to raise interest rates, while central banks in Europe and Japan ease monetary policy to boost growth. Data today may show U.S. employers added 235,000 jobs in October, according to a Bloomberg survey. The European Central Bank signaled yesterday it’s ready to intensify stimulus.

Bloomberg [1]

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