Weaker dollar keeps gold on course for its third successive weekly gain
London — A weaker dollar helped to push gold up on Friday, putting bullion on track for a third weekly rise running though gains were capped by profit-taking on long positions. Spot gold edged 0.1% higher at $1,196.08 an ounce by 11am GMT, up 2% on the week. But the metal could not maintain a seven-week high of $1,206.98 touched in the previous session after president-elect Donald Trump’s failed to spell out his plans to grow the US economy spurred demand for safe-haven gold. Investors cashed in bets on higher prices, said Mitsubishi analyst Jonathan Butler. "There’s clearly plenty of new long positioning that has come into the market. At these (price) levels there’s room to take profit," he said. Gold has risen 6.5% since a mid-December low. US gold futures were down 0.2% at $1,196.90. The dollar, which hit a five-week low on Thursday after Trump’s chaotic media conference, weakened 0.2% against a basket of currencies, making gold cheaper for non-US investors. The higher gold price...
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