Gold futures edged higher early Friday but remained on track for a small weekly loss in the face of a stronger U.S. dollar, though bulls remained encouraged by the haven yellow metal’s resilience.
Gold for April delivery on Comex was up $2.20, or 0.2%, at $1,316.40 an ounce, leaving it down 0.4% for the week. Gold remains up 2.7% since the end of last year. March was up 6.7 cents, or 0.4%, to $15.78 an ounce.
The ICE U.S. Dollar Index a measure of the U.S. currency against a basket of six major rivals, was up 0.1% on Friday, leaving it on track for a 1.1% weekly rise. A stronger dollar can be a negative for commodities priced in the unit because it makes it more expensive to users of other currencies.
Source : Marketwatch