Home Economy Gold prices inch higher on softer dollar and are set for weekly...

Gold prices inch higher on softer dollar and are set for weekly fall

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Gold bars sit in a vault at the Perth Mint Refinery in Perth, Australia, on August 9, 2018.

Carla Gottgens | Bloomberg | Getty Images

Gold prices edged higher on Friday after falling more than 1% in the previous session, helped by a subdued dollar, although Federal Reserve’s plans on reducing stimulus to the U.S. economy kept the bullion on track for a third straight week of declines.

Fundamentals

Spot gold rose 0.2% to $1,746.84 per ounce by 0102 GMT, after hitting its lowest since Aug. 11 at $1737.46 on Thursday. Prices were down 0.4% for the week.

U.S. gold futures eased 0.1% to $1,747.80.

The dollar index languished near a one-week low hit on Thursday, making gold cheaper for those holding other currencies.

The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, but the underlying trend remained consistent with a steadily recovering labor market.

Fed Chairman Jerome Powell said tapering process could conclude around…

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