Economics
Gold Posts Longest Run of Weekly Losses in More Than a Decade
- Holdings in exchange-traded funds fall 30th straight session
- Rising rates, dollar put ‘tremendous’ pressure on gold: RJO
Mining Industry Hopes to Turn It Around in 2017
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Gold futures capped the longest run of weekly losses in 12 years as investors flee bullion-backed funds on bets stronger economic growth will bolster the Federal Reserve’s case to raise U.S. interest rates.
A rebound Friday wasn’t enough to avoid a seventh weekly decline, the longest stretch since May 2004. The central bank indicated last week it may raise rates three times in 2017, moves that could be bolstered by a report Thursday showing the U.S. grew at the fastest pace in two years. Holdings in exchange-traded funds backed by bullion fell a 30th day.