Gold continues a 5^th day of decline as dollar remains strong (Reuters) (07-01-2011)

SINGAPORE – Spot gold stayed for a fifth day on losses on Friday, led by a strong dollar, while investors wait for a key U.S. jobs report. It edged down 0.3 percent at $1,366.70 an ounce by 0706 GMT, the longest losing streak unseen since May 2010.      

Spot gold was about to show a 3.7 percent loss from the previous week, its largest weekly loss since late May.

U.S. gold futures also declined 0.3 percent at $1,367.6 while a target at $1,355 per ounce stays unchanged for spot gold as a downward wave "5" has not completed.

Spot silver fell 1.3 percent to $28.66, on course for a 6.8 percent weekly decline, its biggest since late May.     

Holdings in the world's largest silver-backed exchange-traded fund, iShares Silver Trust, had been on a steady decline since it hit a record high at 10,964.14 tonnes on Dec 14. It slipped to 10,892.87 tonnes by Jan 6.

Spot palladium lost 0.7 percent to $753, headed for a 5.7 percent weekly fall, after prices nearly doubled in 2010.

Buyers stay a bit cautious ahead of the non-farm payrolls release, which is expected to give a clear direction to the market.

Source: Reuters