US gold futures rise but metal is heading for a 0.8% weekly decline
Gold granulate is seen at a plant of gold refiner and bar manufacturer Valcambi in the southern Swiss town of Balerna. Picture: REUTERS/MICHAEL BUHOLZER
Spot gold was trading at $1,727.39/oz by 2.48am GMT, having dropped 1.4% on Thursday. US gold futures rose 0.3% to $1,726.50/oz. Bullion had rallied to its highest since October 2012 on Monday, but has since lost ground and is now heading for a 0.8% weekly decline. The eurozone economy’s contraction eased in May, the Purchasing Managers’ Index survey showed. Germany’s private sector recession also improved on loosening of lockdown curbs that were put in place to prevent the spread of the coronavirus.
Asian shares fell after Beijing’s plan to impose a new national security legislation on Hong Kong drew a warning from US President Donald Trump.
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