ISTANBUL — Gold barely budged on Friday as rising demand from Asia was offset by a strong dollar but the precious metal remained on track for its first weekly rise since the week ending September 30. Gold has been hurt in recent weeks by the strength of the dollar, which has been helped by a slew of data indicating an improvement in the US economy that could justify an interest rate rise later this year. Higher US rates increases the opportunity cost of holding non-yielding assets such as bullion and creates a flight to investments that may offer higher returns. Spot gold steadied at $1,266.21 an ounce at 2.08pm GMT but was headed for a weekly gain of more than 1%, clawing back part of the 6.5% shed over the last three weeks. US gold futures were flat at $1,267. Gold demand from Asia, including China, India and exchange-traded funds (ETF), has helped prop up prices this week. "There is accelerating physical gold demand in Asia and particularly in India which has helped prices," Comm...
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