(MENAFN- ProactiveInvestors)Gold perked up at the end of another difficult week but was still heading for its worst month for two years. A strong performance by the US economy in the second quarter came shortly after comments from the US Federal Reserve that suggested it is getting close to pushing the button on a rate rise. The US economy grew by 2.3% driven by higher consumer spending. Higher rates should mean an even higher dollar and higher treasury yields both which traditionally move counter to gold. More evidence today in US employment costs that inflation is not yet a threat adds to the pressure on the metal. Commerzbank suggests the timing of a rate rise will be set by the jobs figures in coming months in the meantime gold is having to battle a steady decline in exchange traded funds (ETFs). Having been steady through the first half of 2015 sales have picked up in earnest again with outflows recorded in each of the past eleven days. The next sets of jobs data is the non-farm payrolls for July due next Friday and ahead of that gold may struggle to make any headway. It's a different story for platinum and palladium notes Commerzbank where ETF holdings have increased by 115000 and 52000 ounces respectively since the beginning of the month. 'Without these inflows platinum and palladium prices would doubtless be significantly lower' said the broker. An hour into trading on US markets spot gold was US& higher at US$1095 silver was flat at US$14.83 while platinum dipped US$3 to US$983. Major shares Randgold Resources up 30p at 3841p Fresnillo down 3p at 643p Anglo American flat at 806p
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