Gold traded near its lowest level since end-December on Thursday as indications that the global economy might not be as pain-stricken as previously feared prompted investors to take risks ahead of a slew of economic data.
Spot gold eased 0.1 percent to $1,273 per ounce by 0722 GMT, having fallen to $1,270.99 earlier in the session, its lowest since December 27.
The metal has so far lost about 1.3 percent in the holiday-shortened week, and is on track for a fourth straight weekly decline. Most markets are closed for Good Friday on April 19.
U.S. gold futures lost 0.1 percent to $1,275.60 an ounce.
“What we see here is the moderation of some of the extreme concerns about the global growth outlook,” said Michael McCarthy, chief market strategist at CMC Markets.
“Recent data over the last 10 sessions or so have eased concerns and safe-haven assets have been under significant pressure.”
Spot gold eased 0.1 percent to $1,273 per ounce by 0722 GMT, having fallen to $1,270.99 earlier in the session, its lowest since December 27.
The metal has so far lost about 1.3 percent in the holiday-shortened week, and is on track for a fourth straight weekly decline. Most markets are closed for Good Friday on April 19.
U.S. gold futures lost 0.1 percent to $1,275.60 an ounce.
“What we see here is the moderation of some of the extreme concerns about the global growth outlook,” said Michael McCarthy, chief market strategist at CMC Markets.
“Recent data over the last 10 sessions or so have eased concerns and safe-haven assets have been under significant pressure.”
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