Gold prices edged higher on Friday as the dollar slipped against major peers ahead of US economic growth data that could shed light on the pace of rate hikes in the world's top economy. Spot gold was up 0.1 percent at $1,223.96 an ounce as of 0711 GMT. The precious metal was, however, on track for its third straight weekly decline.
US gold futures for August delivery were 0.2 percent lower at $1,223.20 an ounce. A relatively strong greenback versus the yuan is limiting upside for gold, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
"There are concerns about rising US interest rates and the (US-China) trade war, which are also affecting gold for the time being," Leung added.
"Though we would argue that markets have relatively priced in on greenback vigour and current-term economic data, the precious metal looks poised to erode further as geopolitical uncertainties from the EU and US rescind gently," Benjamin Lu, a commodities analyst at Singapore-based broker Phillip Futures, said in a note.
Spot gold is expected to fall into a range of $1,206-$1,214 per ounce, said Reuters technical analyst Wang Tao.
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