LONDON: Gold reversed early gains on Friday and headed for a 10th straight session of losses, its longest losing streak in more than 40 years, as the dollar extended its rally.

Spot gold rose initially but was down 0.1 per cent at $1,152.26 an ounce by 1521 GMT, heading to equal its run of losses in August 1973, when prices also fell 10 days in a row. US gold for April delivery was unchanged at $1,151.30 an ounce.

The metal was also headed for its sixth weekly loss in the past seven, down 1.3pc so far and having hit its lowest in more than three months at $1,147.10 on Wednesday.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.28pc on Thursday to 750.95 tonnes.

Silver fell 0.6pc at $15.5 an ounce on Friday.

Published in Dawn March 14th , 2015

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