Gold Prices Edge Higher

Gold prices edged higher on Friday, but were set for a weekly loss as investors looked forward to US Federal Reserve Chair Jerome Powell's speech for more cues on the scale of a likely September rate cut. Spot gold rose 0.2% to $2,488.74 per ounce. Bullion, which hit an all-time high on Tuesday, has fallen nearly 1% so far this week. US gold futures gained 0.3% to $2,524.30. Bullion fell more than 1% on Thursday after the dollar index rebounded from a multi-month low and benchmark US 10-year yields rose. A stronger dollar and higher yields reduce gold's appeal by making it less attractive to holders of other currencies. Data on Thursday showed that the number of Americans filing new applications for unemployment benefits rose in the latest week, but the level still suggested a gradual cooling of the labor market remains intact. Spot silver edged 0.2% higher to $29.03 per ounce, platinum gained 0.7% to $950.55, and palladium rose 0.7% to $926.75. Source: Qatar News Agency