Gold fell on Friday on his way to record the biggest weekly loss in three months after it said India’s largest consumer of the precious metal in the world it would double fees and gold imports doubled while positive U.S. data fueled this week’s optimism about the global economy boosted risk appetite.
The gold market depends heavily on the Indian demand. Last year, India imported a record amount of 969 tons of yellow metal and raised in January, import duties by 90 percent.
The Indian Finance Minister Pranab Mukherjee said the strong growth of imports played a key role in expanding current account deficit of the country.
And influenced by gold this week, up the dollar and U.S. Treasury yields after data showed the U.S. economy may be in a better position than expected, according to consumer spending and activities factories.
By 1045 GMT spot gold fell 0.7 percent to 60.1646 USD/Troy per ounce, down more than three percent this week.
And futures fell 0.75 percent went to the U.S. of $ 1646.80 an ounce.
Among other precious metals, silver fell 0.65 percent to 32.36 dollars an ounce, platinum dropped 0.8 percent to 1664.24 USD/Troy an ounce.
While palladium fell 1.1 percent to 693.97 dollars an ounce on track for weekly loss rate of one percent.