Gold lower but still set for fourth week of gains

Jun 27 2014, 18:38 IST
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SummaryGold edged lower on Friday yet was on course for a fourth straight week of gains as a lower dollar following weak U.S. data limited the downside.

top consumer China and the discovery of $15 billion of loans tied to falsified gold deals in the country.

China's gold imports from Hong Kong have weakened, with overseas purchases in May dropping to their lowest since January last year as the pace of buying calms after a record 2013.

Chinese demand has been quiet in recent months as a weaker yuan dulled the appeal of the metal.

Demand in major consumer India has also been subdued as the industry awaits a possible roll-back of import rules.

Silver fell 0.4 percent to $20.97 an ounce, still on track for a fourth week of gains, its longest winning streak since September 2012.

Platinum rose 0.8 percent to $1,474.50 an ounce, while palladium was up 0.5 percent at $836.75 an ounce.

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