Gold down on dollar strength, political risks lend support

Gold on MCX settled down -0.56% at 28542 after data showed that the U.S. economy grew faster than expected, reinforcing expectations for more U.S. interest rate hikes this year.

 

Spot Gold was down 0.2 % on the day at $1,240.45 per ounce at 0255 GMT, and was set for a similar sized weekly loss, which would be its first weekly decline in three. 

U.S. Gold futures fell 0.4 % to $1,239.70. 

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, which is seen as a gauge of investment sentiment, reported an outflow of 1.2 tonnes on Thursday.

                         Trading Ideas

*Gold trading range for the day is 28369-28807.

*Gold dropped after data showed that the U.S. economy grew faster than expected, reinforcing expectations for more U.S. interest rate hikes this year. 

*Gross domestic product increased at a 2.1% annualized rate instead of the previously reported 1.9% pace, in its third GDP estimate for the period. 

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