Gold eyes worst week

Reuters

Manila

Gold edged higher on Friday after losing more than 1 percent in the prior session, but was on track for its biggest weekly decline since March as a firmer U.S. dollar cut the metal's appeal.

The dollar was up for a fourth week in five against a basket of major currencies, making dollar-denominated assets such as gold more costly for holders of other currencies.

The greenback got a boost overnight after Boston Federal Reserve President Eric Rosengren said the Fed should raise interest rates if data confirms a stronger jobs market and inflation outlook in the second quarter.

"Right now the dollar is the primary factor in the gold price," said William Wong, assistant head of dealing at Wing Fung Precious Metals in Hong Kong.

Wong believes market opinions remain mixed on when the Fed will hike rates next after raising them for the first time in nearly a decade last December.