Gold inches higher but remains set for biggest weekly fall in 15 months
Bengaluru — Gold prices edged higher on Friday as the dollar pulled further away from more than one-year highs, but the metal remained on track to post its biggest weekly decline since mid-2017. Spot gold rose 0.2% at $1,176.29/oz, as of 3.56am GMT. US gold futures were little changed at $1183.30/oz. For the week, spot gold was down 2.9% and headed for a sixth consecutive weekly decline, as the metal dropped to a 19-month low of $1,159.96 in the previous session on some aggressive stop-loss selling. "Mainly because of the low prices, people are buying…. Investors, businesses and perhaps a lot of people are looking to pick up gold and that’s why we’re seeing some support," said Brian Lan, MD at dealer GoldSilver Central in Singapore. A slight correction in the dollar, after the currency gained against most peers this week, was also lending support to the gold price recovery, Lan said. The dollar was subdued against major currencies on Friday, edging away from 13-and-a-half-month high...
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