Investing.com – Gold prices edged up on Friday on a weaker dollar, but still hovers near a more than six-month low.
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange climbed 0.15% to $1,252.90 a troy ounce by 1:35AM ET (05:35 GMT).
The precious metal was on track for its third straight weekly decline. It was also heading towards its worst quarterly loss since end-2016.
The U.S. Dollar Index, which tracks the greenback against a basket of six major currencies, stood at 94.53 by 11:35PM ET (03:35 GMT), down 0.49%. The index rose to as high as 95.534 on Thursday, the highest level since almost a year ago.
Dollar-denominated assets such as gold are sensitive to moves in the dollar – A fall in the dollar makes gold less expensive for holders of foreign currency and thus, increases demand for the precious metal.
Meanwhile, The Fed is expected to raise interest rates at least four times this year, which would likely dent gold prices.
Asian stocks were mixed in morning trade on Friday. A move to ease foreign investment curbs in China were cited as tailwind for regional equities, although trade concerns continued to weigh on market sentiment.
China’s National Development and Reform Commission published a new version of the so called “negative list” on Thursday. The new rules, which would take effect on July 28, list curbs on sectors including banking, automotive, heavy industry and agriculture.
In other precious metal trade, silver futures added 0.68% to $16.06 a troy ounce, while platinum futures climbed 0.3% at $854.80 an ounce.