Bengaluru — Gold prices edged up on Friday, supported by a weaker dollar amid concern about a possible US government shutdown. The precious metal nonetheless remained on track for its first weekly drop in six weeks. Spot gold was up 0.3% at $1,331.10 an ounce by 3.24am GMT. On Thursday it touched its weakest level since January 12 at $1,323.70, having fallen from recent four-month highs. Spot gold has fallen 0.5% so far this week, its worst since the week-ending December 8. US gold futures were up 0.3% at $1,331.40. The dollar fell amid concern about a possible US government shutdown. The dollar index was down 0.1% at 90.394 on Friday. Legislation to avoid a US government shutdown at midnight on Friday advanced in Congress, as the House of Representatives on Thursday night approved an extension of federal funds until February 16, although the bill faced uncertain prospects in the Senate. "The overall run in gold has been overdone…. People have to be careful with further allocations ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.