Gold Bears Dominant Again as U.S. Growth Quickens: Commodities
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Gold traders are bearish for the first time in six weeks as accelerating U.S. economic growth and weaker sales of physical bullion curbed demand for the metal.
Twelve analysts surveyed by Bloomberg expect prices to fall next week, nine were bullish and four neutral. The metal retreated for a fifth day yesterday, the worst losing streak since May 17 and slipped below $1,300 an ounce earlier today for the first time since July 22. Physical demand slowed in the past several weeks, according to Standard Bank Group Ltd.