Gold firmed above $1,150 an ounce on Friday as the dollar nursed losses after an extended rally, but the metal was still headed for its sixth weekly dip in seven on concerns that US interest rates would increase soon. Spot gold edged up 0.5 percent to $1,159.30 an ounce by 0728 GMT, after posting nine straight sessions of losses, its longest losing stretch since August 1973, when it fell ten days in a row.
The metal is so far down about 0.6 percent for the week, after hitting its lowest in more than three months at $1,147.10 on Wednesday. Despite the short-covering rally on the back of a softer dollar, traders were cautious about bullion's outlook. "Gold looks to be finding some support around $1,150 although the short-to-medium term bias is still to the downside," MKS Group trader James Gardiner said.
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