Bengaluru — Gold prices edged higher on Friday as the dollar softened and risk aversion due to geopolitical events buoyed the safe-haven appeal of the metal. "Risk aversion is on the rise, mainly due to what’s happening in the Middle East and also the news about China cracking down on some loans made overseas last year," said Richard Xu, a fund manager at China’s biggest gold exchange-traded fund, HuaAn Gold. China’s banking regulator had ordered a group of lenders to assess their exposure to offshore acquisitions by a handful of companies that had been on an overseas buying spree, two people familiar with the matter said on Thursday. Spot gold was up 0.1% at $1,251.96/oz, as of 4.43am GMT. It was down 0.1% for the week, and was headed for a third consecutive weekly fall. US gold futures for August delivery climbed 0.3% to $1,252.60/oz. The political situation in the US, the UK, and North Korea-related developments were among the other factors creating a safe-haven demand for gold, ...
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