Gold edges down in Asian trade
Gold edged down on Friday, pressured by a firmer dollar and following a rise of almost 1 percent in the previous session, but the precious metal was close to flat for the week after two weeks of gains on a patchy recovery in the global economy. Gold has gained more than 9 percent so far this year as concerns over economic growth have boosted its safe haven appeal, although prices are nowhere near the all-time high of around $1,920 an ounce touched in 2011.
Copyright Reuters, 2014
Cash gold eased $5.46 an ounce to $1,317.05 by 0345 GMT, down from a 3-1/2 month high at $1,332.10 hit on Tuesday. Dealers saw purchases in the physical market this week, but many jewellers could be waiting for a correction. Premiums for gold bars were steady in Hong Kong and Singapore, but dropped in Tokyo because of gains in Tokyo gold futures.