Gold Posts First Weekly Loss Since May as Equities Draw Demand
- U.S. retail sales climbed more than expected in broad advance
- Gold-fund holdings also set for first weekly decline since May
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Gold posted a weekly drop for the first time since May as investors turned to risk assets such as stocks, cutting demand for bullion as a haven.
The metal fell 2.3 percent this week, and holdings in gold-backed funds are also set for the first weekly decline since May. Money has poured into global equities in the past three weeks as speculation grew that policy makers will do more to limit the fallout from the U.K.’s vote to leave the European Union. Retail sales in the U.S. topped forecasts in a broad advance that showed consumers delivered for the economy last quarter.