Precious-Gold inched up on Friday, after its lowest level in 16 weeks, as improvement in U.S. data dented the metal’s appeal as a safe haven.

While data released yesterday signaled that the world’s biggest economy contracted for the first time in three years in the first quarter, the rest of the data including jobless claims, confidence and durable goods provided clues that recovery is moving on the right track.

The progress in the U.S. economy has triggered expectations the Fed would continue with its stimulus reduction plan and may raise interest rates earlier than anticipated.

Additionally, the improvement in recent data has caused higher demand on equities and the U.S. dollar at the expense of gold and other refuges.

Global equity markets hit an all-time high on Thursday, buoyed by the U.S. S&P 500 that climbed to a record high.

The U.S. dollar retreated for a second straight session after climbing to a two-month this week high versus a basket of major currencies to hover around 80.48, after touching a high of 80.62 on Wednesday.

In China, the biggest bullion buyer in the world, figures released earlier this week showed that net gold imports from Hong Kong plunged to a 14-month low in April.

Meanwhile, gold is trading around $1257.47 an ounce after hitting a high of $1260.21 and a low of $1253.75.

The metal is poised for its biggest weekly drop in two months, where it has lost so far 2.75 percent.

In addition, gold is set for a monthly decline in May after the breach of critical support at $1280 levels, yet it has found some support at $1250.

Brent crude for July delivery slipped to trade around $109.57 from the session’s opening of $110.04.

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