Gold held its loss of the past two days as global equities rose on increased optimism over U.S. economic growth, curbing demand for the metal as a store of value.
Bullion for immediate delivery traded at $1,072.28 an ounce at 8:32 a.m. in Singapore after sliding 0.7 percent the previous two days, according to Bloomberg generic pricing. The metal has retreated 9.5 percent this year as the U.S. economy improved, prompting the Federal Reserve to tighten monetary policy.
The MSCI All-Country World Index of equities has climbed every day this week. Confidence in the U.S. economy advanced to a five-month high, according to a report on Wednesday. Higher U.S. consumer purchases and scant inflation have added to evidence that the biggest part of the world’s largest economy will continue to underpin growth.