Gold price nears worst week since March as stocks climb, demand dips

May 30 2014, 15:59 IST
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The move into riskier assets like equities, which have performed well, is weighing on gold: Peter Fertig (AP) The move into riskier assets like equities, which have performed well, is weighing on gold: Peter Fertig (AP)
SummaryGold price steadied on Friday after three days of losses, but stayed on track for its biggest weekly decline in two months after upbeat U.S. data and signs of softening demand in Asia pushed prices through key chart levels.

seeing weakness across Asia, in China, Thailand and other parts of southeast Asia," said one dealer in Hong Kong. "It's been very quiet because people bought a lot last year and they are holding back now. I don't think we will see any significant increase until the latter half of the year."

Silver was up 0.2 percent at $19.00 an ounce, while spot platinum was up 0.3 percent at $1,457.25 an ounce.

Platinum prices, undisturbed by a South African mine strike now in its fifth month, could soon begin to rise as the metal stocks built up by producers in anticipation of the strike finally run low.

Spot palladium was up 0.1 percent at $832 an ounce.

Palladium has been the best performing precious metal this week, up 0.6 percent. It hit its highest since August 2011 on Wednesday at $843 an ounce, reaching its most expensive compared to platinum since mid 2002.

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