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ETFs Pile In as Gold Heads for Worst Week Since March
Friday, 27 September 2019 17:16 WIB | PRECIOUS METALS |GOLDEMAS Spot EmasPalladium

Gold headed for its biggest weekly loss since March, dipping back below $1,500, while investors continued to pile into exchange-traded funds backed by the metal.

Prices have struggled to build on last week's rally amid some recent global trade optimism and a stronger dollar. ETF investors on the other hand appear more bullish, with holdings expanding about 1.35 million ounces, or about 42 tons, so far this week, the most since June. Investors' attention will be on a slew of economic data in the U.S. later Friday.

In other precious metals, palladium is poised for an eighth weekly gain, the best run in nine years. Russian miners Norilsk Nickel sees a supply deficit widening, while producers in South Africa are deadlocked in wage negotiations.

Spot gold was down 0.5% at $1,497.31/oz in London. Prices have lost 1.3% so far this week, the most since March. While gold is also down this month, it's still on course for a fourth straight quarterly gain, longest streak since 2011. Spot palladium fell 0.6% to $1,659.12/oz; still heads for 1% weekly gain.

Source : Bloomberg

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