Gold fell for a second day, paring a weekly advance, on speculation that signs of a slowing recovery will boost the dollar and as record prices deter investors. Silver, platinum and palladium also slumped. Gold for February delivery fell 1.2 percent to $1,204 an ounce on the Comex division of the New York Mercantile Exchange. The Dollar Index, a six-currency gauge of the dollar’s value, rose 0.2 percent to 74.80, paring this year’s loss to 8 percent.
The yen headed for its biggest weekly decline in four months against New Zealand’s dollarbefore a U.S. report forecast to show the nation’s job losses slowed, spurring demand for higher-yielding assets. The yen traded at 63.84 per New Zealand dollar as of 7:48 a.m. in London from 63.70 in New York yesterday, when it declined to 64.11, the lowest level since Nov. 25. The currency has fallen 3.6 percent this week, the most since Aug. 7. It was at 132.99 per euro from 132.87, and traded at 88.16 per dollar from 88.26.
The euro was set for a second weekly gain versus the dollar on speculation a European Central Bank official speaking today will signal further reductions in its emergency stimulus program. The yen was poised to snap a five-week gain against the dollar as Japanese officials said the currency should weaken. The euro bought $1.5087 from $1.5053 yesterday, and has risen 0.7 percent this week. It was at 90.82 pence from 91.01 pence, leaving it unchanged in the week.
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