Gold Price Steadies After Weekly Losses

New Yor (Oct 28)  Gold futures were flat Friday, unable to trim recent losses as US stocks continued their record-setting run.

Surging techs stocks drove the Nasdaq up 2%, while the rest of the market was in consolidation mode after all-time highs.

With gold's safe haven appeal diminished, the precious metal has fallen in October.

Dec. gold added USD2.20, or 0.2%, to settle at USD1,271.80/oz, but was down 0.8% for the week.

Economic growth in the US slowed modestly in the third quarter, according to a report released by the Commerce Department on Friday, although the pace of growth still exceeded economist estimates.

The report said real gross domestic product jumped by 3.0% in third quarter after surging up by 3.1% in the second quarter. Economists had expected GDP to increase by 2.5%.

The Federal Reserve is widely expected to raise interest rates in December if the economy performs well over the next two months.

AllianceNews