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Market Update: Gold Post First Weekly Drop since Early August
Gold closed the week below $1,800 an ounce, not far from a two-week low of $1,781 hit on Wednesday and suffering its first weekly loss since early August amid strengthening US dollar and uncertainties over the timeline for the Fed tapering. The latest data showed US producer inflation rose by 0.7% from a month earlier in August, above market expectations of 0.6%. In Europe, the ECB said Thursday it would slow the pace of its pandemic bond purchases for the rest of the year but did not signal an end to its bond-buying programme. Still, losses were prevented by the news that India’s gold imports in August nearly doubled from a year earlier to the highest in five months on strong demand as jewelers build inventories for the upcoming festive season. [/s2If]
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