Gold futures gain for second week; wheat slides to decade low

New York

GOLD futures gained for a second straight week as the dollar weakened and the US economy grew less than expected in the second quarter, boosting demand for the metal as a store of value.

Gross domestic product in America rose at a 1.2 per cent annualised rate last quarter, a government report showed. The median forecast of economists surveyed by Bloomberg called for a 2.5 per cent increase. A gauge of the dollar dropped for a fourth day and reached a four-week low.