Gold declines for fourth straight session, dollar slips from year peak

Gold futures tilted lower in American trade to December 13 lows, while the dollar index slipped from July 20 highs, following earlier data from the US, and ahead of a speech by Federal Reserve Bank of Atlanta President Raphael Bostic. 

As of 02:57 GMT, gold futures due on August 15 slipped 0.21% to $1,253.50 an ounce from the opening of $1,256.10, marking six-month lows, while the dollar index shed 0.17% to 95.13 from the opening of 95.29. 

Earlier US data showed the final reading for first-quarter GDP growth down to 2.0% from 2.2% in the second reading and 2.9% in the fourth quarter of 2017, while GDP prices accelerated to 2.2% from 1.9% in the second reading and 2.3% in the fourth quarter of 2017. 

US unemployment claims rose 9 thousand to 227 thousand from 218 thousand, above forecasts of 220K, while continuing claims for the week ending June 16 fell 21 thousand to 1.705 million from 1.7426 million, below forecasts of 1.718 million.

World Gold Council 

Recently, the World Gold Council reported a 7% drop in global demand in the first quarter of 2018 to 973.5 tonnes, the lowest since the first quarter of 2008, as investments fell 27% on the precious metal to 287 tonnes from 383 tonnes in the first quarter of 2017. 

Central banks' gold demand rose 42% to 116.5 tonnes, especially from Russia, while jewelry demand steadied at 487.7 tonnes, as mine supplies grew 1% y/y to 770 thousand tonnes.

Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, fell 2.94 tonnes on Wednesday to a total of 821.69 tonnes, after rising 3%, or 23.63 tonnes in 2017, while gold prices rose 13% last year.