SINGAPORE: Spot gold lost 0.4 percent on Friday, on course for its first weekly drop after seven straight weeks of gains, as investors awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke later in the day.
All eyes are on Bernanke's speech in Jackson Hole scheduled for 1400 GMT, with markets eager to hear what the Fed's plan is to help a struggling U.S. economy, although the growing consensus is that the Fed's options to stimulate the economy are limited.
Spot gold declined 0.4 percent to $1,762.29 by 0218 GMT after a 1.1 percent rise on Thursday. It was on course for a 4.8-percent decline on the week, its sharpest weekly fall since week ended March 1, 2009.
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