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PRECIOUS-Gold eyes first weekly gain in five as slowdown concerns loom
* Spot gold up about 0.5 pct so far this week
* Dollar trades near two-year peak
* Palladium on course for first weekly decline in three
* U.S. GDP data due at 1230 GMT (Updates prices)
April 26 Gold prices climbed on Friday, as signs of weak global growth rekindled investor interest in the safe-haven metal, keeping it on track for its first weekly gain in five, ahead of U.S. GDP data.Spot gold was up 0.4 percent at $1,281.69 per ounce, as of 0813 GMT. The metal has risen 0.5 percent so far this week, and is poised for its first gain since the week ended March 22.U.S. GCcv1 edged up 0.3 percent to $1,283.80 an ounce.Asian shares dropped after world stocks were weighed down by data from Germany and Asia, suggesting that the global economy was still under slowdown constraints. MKTS/GLOB”Weak data indicates that the countries may have to undertake monetary easing measures, so that is a boost to gold prices,” said Helen Lau, analyst, Argonaut Securities.
“Some investors are wanting to switch out of equity markets into the safe-haven asset class,” she added.According a Reuters poll, major central banks are done tightening policy especially with the global growth outlook fatiguing across developed and emerging economies, along with scant prospects for a surge in inflation. view is supported by a recent slashing of its growth outlook by the Bank of Canada and a disclosure from the Bank of Japan that it will keep interest rates super-low for at least one more year. greenback held near a two-year peak on signs that the U.S. economy was doing significantly better than elsewhere, curbing gains for the bullion. USD/Data on Thursday showed new orders for U.S.-made capital goods increased by the most in eight months in March, hitting their highest level on record. this week, gold prices fell to their lowest level this year to $1,265.90 an ounce, which helped reinstate some physical demand for gold, said Brian Lan, managing director at dealer GoldSilver Central in Singapore.
