Gold held on to most of the previous session’s sharp losses on Friday as strong U.S. retail data stoked fears of an early end to monetary stimulus and fund outflows accelerated.
The metal is headed for its first annual decline in 13 years as investors, buoyed by a recovering global economy, direct more money towards riskier assets such as equities by pulling funds from safe-haven gold.
“It’s very difficult to build any meaningful strength in the gold markets given continuing outflows from the ETFs,” said Mark Keenan, head of commodities research for Asia at Societe Generale, referring to gold-backed exchange-traded funds.
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