Gold on track to end week higher after dollar slips
The dollar retreated from 23-month highs ahead of the release of US first-quarter GDP data on Friday
Bengaluru — Gold rose on Friday, pulling further away from the four-month low it hit earlier this week as the dollar and US treasury yields dipped ahead of US growth data, putting bullion on track for its first weekly gain in five. Spot gold was up 0.4% at $1,281.67 per ounce at 9.48am GMT, after earlier hitting its highest since April 16 at $1,282.98. The metal, which reached its lowest since late December on Tuesday at $1,265.90, is up 0.5% so far this week, and is poised for its weekly first gain since the week ended March 22. US gold futures edged up 0.3% to $1,283.40. The dollar retreated from 23-month highs ahead of the first-quarter GDP data due later in the day, while global shares eyed a fifth-straight weekly gain despite subdued trade. "The moves in the forex market are favourable for the precious metals in general, with the euro firmer against the US dollar and a slightly lower dollar index," Quantitative Commodity Research analyst Peter Fertig said. "In addition, declini...
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