World Economy

Gold Lowest in 8 Weeks

Gold Lowest  in 8 WeeksGold Lowest  in 8 Weeks

Gold slipped to its lowest in eight weeks on Friday, and was on track for its biggest weekly decline in nine, as expectations of a US interest rate hike in two months on positive economic data hurt investor appetite, Reuters reported. The safe-haven asset was also weighed down by Asian stocks that drifted upwards on Friday and as the dollar index, which measures the greenback against a basket of six major currencies, held steady. Spot gold was up 0.1% at $1,221.45 an ounce, after falling as low as $1,211.30 earlier in the session, the lowest since April 1. The metal has dropped about 2.5% so far this week, heading towards its biggest weekly decline since March 25. US gold was nearly flat at $1,221. Bullion has been under pressure since the prospect of an imminent rate hike was indicated by US Federal Reserve meeting minutes released last week and has been consistently supported the opportunity cost of holding gold.