Bengaluru — Gold edged up in early trade on Friday as investors resorted to bargain hunting after the yellow metal dropped below its recent trading range to hit the lowest in more than four months overnight. Spot gold was up 0.2% at $1,248.86 an ounce, by 0328 GMT, after hitting its lowest since July 26 at $1,243.71 in the previous session. The metal was down for a third straight week, headed for its biggest weekly decline since early May. US gold futures were 0.2% lower at $1,250.70. "Even as the dollar is firmer, there seems to be a bit of bargain hunting around. I do, however, think that the pressure is on the downside and rallies will still be sold," a Hong Kong-based trader said. The dollar inched higher on Friday, as the passage of a bill to temporarily extend US government funding raised investors’ optimism that a tax reform bill would also pass. The greenback took a brief knock earlier this week on concerns over a government shutdown, and as US President Donald Trump raised ...
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