Precious-Gold stood on Friday, set for a weekly advance, as the stabilization of China’s yuan after three straight days of devaluation lowered demand on gold as a safe haven.
The yellow metal hit a low of $1116.63 an ounce, while it currently trading at $1116.66, after opening at $1115. 07.
The yuan rose against the U.S. dollar versus the U.S. dollar on Friday, providing signs of stability after its drop for three consecutive sessions.
China mentioned on Thursday there was no basis for a sustained depreciation in the yuan, causing some ease in tensions and thereby cutting demand on refuges.
The dollar rose slightly against a basket of major currencies to 96.44 from Thursday’s closing at 96.39, according to the dollar index.
The green currency remains under pressure on expectations the Fed may delay its rate hike decision to avoid further strength in the dollar.
Crude oil dropped for second session to $42.70 a barrel, setting a new low of $42.11.