Bengaluru : Gold prices inched lower on Friday and were headed for the first weekly decline in three weeks as expectations of higher U.S. interest rates and easing political tensions on the Korean Peninsula and Syria weighed on demand for the safe-haven metal.
Spot gold was down 0.1 percent at $1,344.10 an ounce, while U.S. gold futures fell 0.2 percent to $1,346.30 per ounce.
Spot gold fell 0.2 percent on the week. "We don´t see much fresh buying interest and there is some profit taking.
The physical demand is also very weak. The market is not able break above $1,355, which is acting as a good resistance and causing some long liquidations," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
"Prices have been stuck in the $1,320-$1,360 range for a good time ...The upside is also limited due to the fear of interest rates."
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