LONDON: Gold edged up from Thursday’s 2 1/2-week low, supported by a softer dollar and uncertainty over Greece’s debt talks, but remained under pressure on Friday from expectations US interest rates might rise soon.

The prospect of higher rates, which would boost the opportunity cost of holding non-yielding gold while lifting the dollar, kept the metal on track for a second weekly drop.

Spot gold was up 0.4 per cent at $1,192.76 an ounce at 1352 GMT. US gold futures for June delivery were up $4.50 an ounce at $1,193.30.

Gold trading was quiet overnight in Asia, the metal’s main physical markets, dealers said. Gold demand across Asia has been subdued this week, with premiums in major trading centres failing to rise despite the price drop.

Published in Dawn, May 30th, 2015

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