Economics
Gold's Beaten Down in Worst Week Since May on U.S. Rates Outlook
- Prices head for third weekly decline as tax talks progress
- Bullion’s role as a safe haven now seen ‘greatly diminished’
Gross Says Fed Should Stop Hikes or Economy Will Slow
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Gold is heading for the biggest weekly drop since May as investors anticipate higher U.S. interest rates and progress on tax reform buoys the dollar, deepening a slump for the metal that touched a one-year high as recently as September.
Bullion for immediate delivery has lost 2.6 percent this week, the most since the period ended May 5. Data on Friday showing the U.S. added more jobs than forecast in November bolstered the case for the Federal Reserve to raise interest rates. The Bloomberg Dollar Spot Index is poised for its biggest weekly advance in a year.