Bengaluru — Gold slipped to two-week lows and was set for its biggest weekly fall in nearly four months on Friday, pressured by a reviving dollar and rising stocks. Spot gold is down about 1.4% so far this week, which could be its biggest weekly decline since the week ending November 9. It was down 0.3% at $1,309.13 an ounce at 11.03am GMT, having touched its lowest since February 14 at $1,305.53. US gold futures shed 0.4% to $1,310.40. “The news on jobs and GDP was more favourable for the dollar, which has been gaining value. Because of that we continue to see some long liquidations,” Afshin Nabavi, senior vice-president at MKS, said. “We have breached $1,315 and $1,310, which are very important support levels. Won’t be surprised if we even see a test of $1,300 later today.” The dollar, which gained impetus from better-than-expected, fourth-quarter US GDP data, hit a 10-week high against the yen. “Rallies in the dollar are taking their toll on gold much more than they were a few we...
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