Gold extended losses to a fifth session on Thursday, falling to a fresh two-week low, as strong US private-sector jobs data bolstered views the Federal Reserve will hike rates this year. While traders are waiting for US nonfarm payrolls data on Friday before placing big bets, the absence of top consumer China, where markets are shut for a one-week holiday from Thursday, is also hurting prices. Spot gold eased 0.2 percent to $1,112.06 an ounce by 0653 GMT, after earlier dropping to $1,111.45, its lowest since September 16.
"Gold prices came under pressure with upbeat US economic data," said ANZ analysts. "ADP data shows US (nonfarm) payrolls in September could beat forecast estimates." Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.48 percent to 687.42 tonnes on Wednesday, but the gain failed to support prices.
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