“Gold declined in London, cutting the first weekly gain in five, as a stronger dollar curbed demand for the metal as an alternative investment. Palladium reached a nine-month high.
Gold for immediate delivery lost 0.2 percent to $1,661.15 an ounce by 9:40 a.m. in London. Prices are up 0.2 percent this week, increasing this year’s gain to 6.2 percent. Gold for February delivery was 0.1 percent lower at $1,661.40 on the Comex in New York. Trading in Comex gold was about 25 percent lower than the 30-day average for this time of day, according to data compiled by Bloomberg.
Bullion is set for a 12th straight annual gain as central banks from the U.S. to China pledge more steps to spur economic growth. Holdings in gold-backed exchange-traded products rose 0.6 metric ton yesterday to 2,631.7 tons, less than 1 ton below the record set Dec. 20, data compiled by Bloomberg show.
Silver for immediate delivery fell 0.2 percent to $30.115 an ounce. Platinum was down 0.2 percent at $1,530.50 an ounce. Palladium slipped 0.1 percent to $707.75 an ounce, after reaching $711.80, the highest since March 5, earlier today….”
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