Gold edged up in Asian 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 percent at $1,249.04 an ounce, by 0652 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 percent lower at $1,250.80.
"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. Spot gold may drop more to $1,239 per ounce, according to Reuters technicals analyst Wang Tao.
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