LONDON: Gold edged up on Friday but was still on track to post its biggest weekly drop in five as the dollar steadied and US economic data supported the case for a near-term increase in interest rates.

Spot gold was up 0.4 per cent at $1,130.60 an ounce by 1333 GMT, but still down nearly 3pc for the week so far.

US gold for December delivery firmed 0.3pc to $1,125.70 an ounce.

The metal touched a one-week low of $1,117.35 on Wednesday and has lost more than 3pc since hitting a seven-week top on Aug. 21, failing to benefit from the dollar falling to a seven-month trough this week.­ —Reuters

Published in Dawn, August 29th, 2015

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