Precious-Gold rebounded slightly on Friday, yet still trades near six-week low and set for a second consecutive weekly drop as signs of recovery from the World’s biggest economy dented the metal’s appeal as safe haven. Data released yesterday showed that U.S. GDP annualized for the fourth quarter was revised up to 2.6 percent from the second reading of 2.4 percent, while initial jobless claims dipped to 311,000 from a revised of 321,000. The upbeat figures tracked a wave of better than forecast reports this week, increasing expectations he Fed would continue with its stimulus reduction and may raise interest rates faster than predicted. Last week, the Fed pointed to the possibility of raising the borrowing in six months after the end of the bond purchases withdrawal. Meanwhile, gold is trading around $1296.85 an ounce after hitting a high of $1297.74 and a low of $1290.54. The shiny metal found support near $1295 level due to the presence of SMA 200, where a fall below this level may pave the way for further losses, while may give some help on higher physical demand. So far, the metal has lost 2.54 percent this week, heading for its second weekly decline. However, over the first quarter, the metal has advanced 7.67 percent on Ukraine crisis and lack of confirmation about the seriousness of the Fed to continue with its stimulus cut plan. The U.S. dollar dropped against a basket of major currencies, where it is currently hovering around 80.23 after opening at 80.29, according to the dollar index. Crude oil for May’s delivery inched up to trade around $100.45 a barrel after opening at $101.33.

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