Gold fell to its lowest level in eight weeks today and was heading for its largest weekly decline in nine weeks. Investor sentiment was hurt by expectations of higher US interest rates following positive economic data.
The precious metal was also pressured by gains in Asian shares and by a broadly unchanged dollar index, which measures the US currency against a basket of six major currencies.
Spot gold rose 0.1% to $1,221.45 an ounce after falling earlier in the session to $1,211.30, its lowest level since April 1. The metal had lost about 2.5% since the start of the week, putting it on course for its largest weekly decline since March 25.
US gold futures were little changed at $1,221 an ounce. Among other precious metals, silver touched its lowest level since April 18 at $16.12 an ounce. Spot platinum fell to its lowest level in more than a month and was heading for its largest decline since January 15.