Gold edges lower

Dubai

Gold inched lower on Friday as mild profit-taking set in after recent rallies and as investors awaited US jobs data for direction on interest rates, but safe-haven demand kept prices near 9-1/2 month highs as tensions over North Korea lingered.
Spot gold slipped 0.2 per cent to $1,319.50 per ounce as of 0338 GMT, not far from the more-than-nine-month high of 1,325.94 hit on Tuesday, and was on track for a weekly gain of more than 2 per cent.
US gold futures were up 0.2 per cent to $1,325.20 per ounce.
“We have a bit of profit-taking coming in, especially with the recent rallies to around the $1,325 an ounce levels,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
Asian equities followed Wall Street’s gains overnight and edged higher on Friday while the dollar’s advance slowed ahead of the US jobs report. The nonfarm payrolls report comes ahead of the US Federal Reserve’s next policy meeting and may influence the timing of the Fed’s rate hike.—Reuters

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