New York (Nov 28)   Gold fell more than 1 percent on Friday, heading for its first weekly drop in four, hurt by sharply lower oil prices and dollar strength, while traders remained cautious ahead of a referendum on Swiss bullion reserves this weekend.
Spot gold was down  1.50 percent at $1,167.46 an ounce at 3:30 pm EST, having earlier touched a low of $1,166.95.

A broad-based rally in the dollar, in which gold is denominated, hurt prices.
The dollar rose versus commodity currencies such as the Canadian dollar and Norwegian crown on OPEC' s decision not to reduce output.
" It looks like a dollar story day today," Ross Norman, CEO of Sharps Pixley, said.
" There may also be some long liquidation ahead of the Swiss vote." Traders are awaiting the outcome of a referendum in Switzerland on a motion to force the Swiss National Bank to raise gold holdings to 20 percent of its foreign exchange reserves, repatriate its bullion and undertake never to sell it.
" The likelihood of this going through is pretty remote, and we have had a reasonable move up before that, so I suspect that' s what' s taking the shine off gold going into the weekend," Norman said.

A surprise " yes" vote could prompt the Swiss central bank to buy about 1,500 tons of gold over the next few years, analysts say.
" The market appears not to have priced in the chance of a ' yes' vote, and we expect the risks for the Swiss franc and gold are skewed to the upside," ETF Securities said in a note.
Elsewhere, India has decided to scrap the rule that required trading companies to export 20 percent of the gold they imported, known as the 80:20 scheme, local television channels reported on Friday, citing government sources.

Spot Silver was down  4 percent at $15.46 an ounce, while spot platinum was down 0.9 percent at $1,202 an ounce and spot palladium was up  1.0 percent at $809 an ounce.

Source: ArabNews

London (Nov 27)    Gold prices edged lower on Thursday, traders eyed an upcoming Swiss referendum on central bank gold reserves for more trading cues.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery dipped $4.40, or 0.37%, to trade at $1,193.10 a troy ounce during European morning hours.

A day earlier, Comex gold prices lost 30 cents, or 0.03%, to settle at $1,197.50 an ounce.

Futures were likely to find support at $1,177.00, the low from November 20, and resistance at $1,208.20, the high from November 21.

Swiss voters go to the polls on November 30 to decide whether the Swiss National Bank would have to hold at least 20% of its assets in the precious metal, up from 8% now.

The most-recent opinion poll released last week showed that support for the " Save our Swiss gold" proposal slipped to 38%, down from 44% in a survey conducted last month.

The motion, if passed, would likely boost gold prices from current levels.

Trade volumes were expected to remain light on Thursday, with U.S. markets closed for the Thanksgiving holiday.

Data on Wednesday showed that initial jobless claims rose to the highest level since early September last week, while personal spending rose less than expected. Durable goods orders rose in line with forecasts, but core durable goods orders fell unexpectedly.

Other reports showed that U.S. consumer sentiment was revised lower, manufacturing activity in the Chicago region slowed and data from the housing sector was mixed.

The data indicated that the recovery in the U.S. is continuing, albeit at a modest pace.

Gold prices are likely to remain vulnerable in the near-term amid indications a strengthening U.S. economic recovery will force the Federal Reserve to start raising interest rates sooner and faster than previously thought.

Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.

Also on the Comex, silver futures for March tumbled 22.3 cents, or 1.34%, to trade at $16.38 a troy ounce.

Elsewhere in metals trading, copper for March delivery inched up 0.7 cents, or 0.23%, to trade at $2.963 a pound.

Comex copper prices fell to an eight-month low of $2.935 on Wednesday amid ongoing concerns over the health of the global economy.

Copper is sensitive to the economic growth outlook because of its widespread uses across industries.

Source:Investing.com