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Gold Sees Worse Run in 11 Years

Gold Sees Worse Run in 11 YearsGold Sees Worse Run in 11 Years

Gold held a weekly decline marking its worst run in 11 years before a US payrolls report that will guide the Federal Reserve in determining when to raise interest rates. Bullion for immediate delivery was at $1,089.30 an ounce by 10:58 a.m. in Singapore from $1,089.55 on Thursday, when prices gained 0.4%, according to Bloomberg generic pricing. The metal is 0.6% lower this week and is headed for a seventh weekly drop in the worst slump since 2004. Gold tumbled to a five-year low on July 24 on speculation that improving US growth will lead policy makers to raise rates as early as September, curbing bullion’s appeal because it doesn’t pay interest.

Financialtribune.com