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Gold Drifts Below $1195 Despite U.S. Dollar Drop

Gold traded near the highest level in three weeks as the dollar retreated from a five-year high after U.S. data missed analyst forecasts. Assets in the largest exchange-traded product shrank to a six-year low.

Bullion for immediate delivery was at $1,199.10 an ounce by 9:04 a.m. in Singapore from $1,197.87 yesterday, when it slid 0.3 percent, according to Bloomberg generic pricing. The metal rose on Nov. 21 to $1,207.93, the highest since Oct. 30, after China joined Japan and Europe in taking steps to spur growth by unexpectedly cutting interest rates.

Gold is on course to snap two months of losses as central banks around the world ease monetary policy at a time when the Federal Reserve moves closer to raising borrowing costs. The Bloomberg Dollar Spot Index yesterday completed its first two-day drop this month after data showed U.S. consumer spending, equipment orders and new-home sales trailed forecasts in October, while jobless claims rose to a three-month high.

Bloomberg [1]

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