Gold today extended the biggest slump in eight weeks after a drop in US jobless claims backed the case for the Federal Reserve to raise interest rates.
Gold fell 0.3 per cent to $1,180.26 an ounce. It slid 1.7 per cent on Thursday, the most since March 6.
The metal all but erased April’s gains on Thursday when a report showed applications for jobless benefits declined to a 15—year low.
Meanwhile, bullion had climbed to a three—week high on April 28 as economists pushed back expectations for when the Fed will raise rates amid mixed US economic data.