Gold Towards Worst Weekly Decline Since March

Gold closed lower for the 4th day in a row on Thursday, and was on track towards the biggest weekly decline since March, as further appreciation of the US dollar and global stock market rally dimmed the appeal of precious metals investments.

US stocks and the greenback jumped after data showed US economic growth is faster than the initial estimate in the 2nd quarter, while initial jobless claims decreased more than forecast last week. The data that exceed those expectations leads to a stronger economy, so as to boost the performance of the dollar and increase the chance the Federal Reserve to raise interest rates soon. 2nd factor that can suppress the gold price down even further.

Bullion recorded has lost about 3.2% of the closing price on Friday of last week at around $ 1,159 / oz.