Gold rises but on track for weekly decline

US gold futures edge higher as resilient dollar caps gains

Gold prices edged higher on Friday, underpinned by concerns over the rapid spread of the Delta coronavirus variant, though a resilient dollar capped gains and kept bullion on track for its second straight weekly decline.

“The ongoing Covid disruption means it is more likely that central banks globally will continue to provide stimulus, which ultimately feeds back into inflation and higher gold prices in the long term,” said Michael Langford, director at corporate advisory AirGuide.Asian markets were subdued on Friday, pressured by rising Delta variant cases in several countries in the region.

The print came on the heels of tame US consumer price data, which helped gold rise 1.3% on Wednesday, but has sent investors looking for more hints from the Federal Reserve on its monetary policy plans.

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