Gold down but edges close to two-week high
Gold fell on Friday in Asia but remained near a two-week high. The safe-haven asset is poised to end the week with its largest gains since May 21, amid signs of the Fed’s unlikeliness to begin asset tapering and hike interest rates in the short term.
Gold futures climbed down 0.12% to $1,829 by 11:50 PM ET (3:50 AM GMT), following its peak since July 15 on Thursday. The dollar, which typically moves inversely to gold, inched up on Friday but did not move far from the one-month low hit in the last session.
Investors are still mulling over the Federal Reserve’s comment that the labor market still had “some ground to cover” before the central bank could begin asset tapering as it handed its policy decision on Wednesday.
Meanwhile, SPDR Gold Trust saw the first inflow in about a month as its holdings went up 0.6% to 1,031.46 tons on Thursday.
In other precious metals news, palladium inched up 0.4%, while silver slipped 0.3% and platinum dipped 0.7%.