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Gold May Drop in London on U.S. Outlook, Physical Demand

Gold retreated for the third straight day on concern that demand for raw materials may fall as U.S. jobless claims topped forecasts and Standard & Poor’s said Greece may have to restructure its debt again.

U.S. initial jobless claims were 359,000 last week, the Labor Department said today, exceeding the median forecast of 350,000 in a Bloomberg survey. Greece will probably have to restructure its debt again and this may involve bailout partners such as European governments, Moritz Kraemer, head of sovereign ratings at S&P, said yesterday.