Gold slips as Asian stocks climb …


Gold slipped on Thursday as stronger equities dented the metal’s safe-haven appeal and investors largely shrugged off weak U.S. economic growth numbers in favour of more recent data. The U.S. economy contracted at a much steeper pace in the first quarter than previously estimated, turning in one of its worst-ever non-recession performances, but growth already appears to have rebounded strongly.

Spot gold fell 0.2 percent to $1,316.60 an ounce after rising 0.1 percent in the previous session. The metal was still holding near two-month highs supported by violence in Iraq.

The metal was earlier supported by a weaker dollar, which was languishing near one-month lows against a basket of major currencies early on Thursday.

Gold is seen as an investment-hedge during periods of financial and geopolitical uncertainty. Among other precious metals, platinum group metals were steady after tens of thousands of South African platinum miners returned to work on Wednesday after wage deals ended the longest and most damaging strike in the country’s history.

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