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Gold on track for a fifth weekly decline in the worst run since January after a surprising decrease in U.S. unemployment claims boosted speculation that the Federal Reserve will taper stimulus. Platinum sagged down to the worst post since July.
Bullion for immediate delivery relinquished 0.3 percent and bolstered 0.2 percent before exchanging slightly altered at $1,325.28 an ounce at 11:02 a.m. in Singapore. Bullion in London is on its perfect route for the first monthly pullback since June. Gold for December delivery was little changed at $1,325.60 an ounce on the Comex.
Shutdown Risk
While data due next week may show U.S. employers added more workers to their payrolls this month than in August, boosting the outlook for the largest economy, the risk of a U.S. government shutdown remains. Congress hasn’t passed a budget for the 2014 fiscal year, which starts on Oct. 1.
Platinum missed as much as 0.9 percent to $1,399.18 an ounce, the worst since July 12, and was at $1,410.65. The metal is heading for a fifth weekly loss and the first monthly decline since June.
Prices may be curbed as industrial users remain well supplied, gold prices decline and a weaker South African rand boosts profitability for producers, Deutsche Bank AG said Sept. 25. While the threat of labor action remains, disruptions so far this year have been low, it said.
Silver for immediate delivery was down by 0.4 percent at $21.6425 an ounce, set for a third weekly slump. Palladium advance 0.2 percent to $722.28 an ounce, on course for a quarterly increase.
