Gold Trims Weekly Loss as Investors Weigh U.S. Growth, Jobs Data

Gold advanced to trim a second weekly decline as investors weigh the outlook for stimulus in the U.S. after economic growth accelerated last quarter while data today may show employers added fewer workers last month.

Bullion for immediate delivery rose as much as 0.2 percent to $1,309.80 an ounce and was at $1,309.16 by 8:16 a.m. in Singapore. Prices fell to $1,296.13 yesterday, the lowest since Oct. 17, and are set to decline 0.5 percent this week. Gold for December delivery was unchanged at $1,308.50 on the Comex.

The precious metal tumbled 22 percent this year, set for the first annual drop since 2000, amid speculation the Fed will curb its $85 billion in monthly bond purchases as economic growth picks up. Gross domestic product rose at a 2.8 percent annualized rate in the third quarter from a 2.5 percent gain the prior three months, data showed yesterday. Payrolls rose by 120,000 workers in October after a 148,000 gain in September, while the jobless rate rose to 7.3 percent, data today may show.

The Fed will start cutting debt purchases in March, according to an Oct. 17-18 Bloomberg News survey of economists.

Silver for immediate delivery advanced 0.2 percent to $21.713 an ounce, set to drop 0.8 percent this week. Platinum rose 0.4 percent to $1,459.68 an ounce. Palladium was little changed at $762.20 an ounce, set to climb 2.8 percent this week.