Gold heads for first weekly gain in September
ecPulse
2014-09-26 08:53AM UTC
Gold prices headed for the first weekly gain in September as demand in higher-yielding assets waned. Gold is up around 0.8% this week, after falling to $1,208.40 on September 22, the lowest since January 2. Gold futures for December delivery were last up $2.30 at $1224.20 per ounce. As of Asian equities fell on Friday following a drop in the S&P 500 Index by the most in almost two months on Thursday in the U.S. High yielding currencies such as the New Zealand dollar and the Australian dollar are trading at multi-month lows. The MSCI All-Country World Index is heading for the biggest monthly loss since January, weighed by concerns over growth prospects of China and speculations the U.S. Federal Reserve may start to hike interest rates sooner than expected. Data today by the U.S. government may show the U.S. economy expanded faster than previously estimated. Arab countries as Saudi Arabia, Jordan, Bahrain and the United Arab Emirates joined the first wave of U.S.-led airstrikes against the Islamic State in Syria this week, adding uncertainty over the Middle East as it is the first time Arab countries join a military assault on Islamic extremists.
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