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Gold price set for weekly drop on funds selling ahead of U.S. data

May 03 2014, 08:33 IST
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SummaryGold price steadied on Friday after two losing sessions but was headed for its second week of losses in three on expectations of a robust U.S. jobs number and continued selling in the top bullion-backed exchange-traded fund.

pro-Russian separatists.

In the physical markets, demand has picked up slightly this week but was still lower than last year's levels.

With markets in top buyer China closed for a holiday, investors are looking to India, the second biggest consumer, for support.

India is celebrating Akshaya Tritiya on Friday, the second-biggest gold buying festival when it is considered auspicious to buy gold.

Silver, with a 2.4 percent weekly loss, is headed for its worst performance in six weeks. It was up 0.6 percent to $19.12 an ounce. Spot platinum rose 0.2 percent to $1,420.24 an ounce, while spot palladium rose 0.2 percent to $811.50 an ounce.

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