Gold Set to Snap Three Weeks of Increases on Lower Energy Prices
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Gold fell for a third day to head for the first weekly decline in a month as crude oil at the lowest level in four years increased prospects for a cooling of consumer prices, reducing demand for an inflation hedge.
Bullion for immediate delivery lost as much as 0.9 percent to $1,181.84 an ounce, the lowest since Nov. 20, and traded at $1,187.82 by 3:19 p.m. in Singapore, Bloomberg generic pricing showed. The metal is 1.1 percent lower this week, extending declines from a three-week high of $1,207.93 on Nov. 21, before a Swiss gold vote.