Bengaluru — Gold prices edged higher in Asian trade on Friday, heading for their first weekly gain in four, as the dollar sagged on the concern about the progress of US tax reform. Spot gold was up nearly 0.2% at $1,254.74/oz as of 3.49am GMT, and has gained 0.5% so far this week. US gold futures were unchanged at $1,257/oz. The dollar was down 0.1% at ¥112,26. "The US dollar is weakening a little and that’s benefiting gold," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. President Donald Trump’s efforts to win passage of a sweeping tax bill in the US Congress hit potential obstacles on Thursday when two more Republican senators insisted on changes. "After the Fed announcement it seems like short-covering pushed up gold to $1,260. Between the now and towards the end of the year, I think markets will be a bit quiet. The downside will be between $1,240-$1,245 and upside $1,260-$1,265," Leung said. The US central bank on Wednesday raised interest rates for the...
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