Reuters reported that gold rose for a third session eking out a small gain for the week and pulling further away from a three week trough as a softer US dollar offset fears of a tapering in stimulus measures next month.
Fundamentals;
1. Spot gold rose 0.1% to USD 1,313.25 an ounce by 0029 GMT after gaining about 2% in the previous session.
2. A gauge of the trend in layoffs of American workers fell last week to its lowest since before the 2007 to 2009 recession, a hopeful sign for the US economy.
3. The US Federal Reserve will likely begin cutting back on its massive bond-buying program next month, as long as economic data continues to improve.
4. In South Africa, production of platinum group metals fell 18.9% in June in the world's largest producer of the precious metal, while gold output dropped 14.1% due to the lingering effects of labour unrest.
5. SPDR Gold Trust, the world's largest gold backed exchange traded fund, said it saw outflows of 1.2 tonnes on Thursday brining total holdings to 909.33 tonnes.
6. Hecla Mining Co said it has started to hedge its precious metal shipments after a drastic fall in spot prices pushed the company to report a surprise loss.
7. Commodities and precious metals funds, which mainly invest in gold futures, had outflows of USD 778.3 million in the latest week.
