Gold falls as the dollar and equities rally, posting the biggest weekly loss since May 2017

File Reuters

UNITED STATES (VOP TODAY NEWS) — Gold fell more than 1 percent on Friday to its lowest level since January, its biggest weekly loss in more than a year and a half as the dollar and global equities rallied, boosting investor appetite for risk.

Spot gold fell 1.4 percent to $ 1293.75 an ounce late in the US session after dropping below $ 1,300 for the first time since Jan. 28.

The yellow metal ended the week with a loss of about 2.6 percent, the largest since May 2017.

Gold fell 1.3% to US $ 1299.20 an ounce.

Better-than-expected US GDP data boosted US Treasury yields, making gold, which is not profitable, less attractive.

A better-than-expected fourth-quarter performance pushed GDP up 2.9 percent in 2018, approaching a 3 percent annual growth target, a Commerce Department report said.

The data also helped the Dollar climb to a 10-week high against the Japanese Yen earlier in the session.

Analysts said the rise in global equities also had a negative impact on gold.

Among other precious metals, palladium rose 0.2 percent to $ 1545.52 an ounce for the fourth consecutive week of gains. The metal hit a record high of $ 1565.09 this week.

Platinum fell 1.4 percent to $ 857.75 an ounce, but recorded a third straight week of gains.

Silver fell 2.6 percent to $ 15.20 a troy ounce after hitting its lowest level since Jan. 22 at $ 15.14. The metal ended the week with a loss of 4.5 percent, the largest since the week ending Feb. 2, 2018.

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