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Gold edges up ahead of G7, dollar recovery caps gains

Reuters  |  NEW YORK/LONDON 

By Renita D. Young and Jan HarveyNEW YORK/LONDON (Reuters) - Gold firmed on Friday as a rise in risk aversion ahead of G7 talks this weekend lent support, but the yellow metal remained hemmed within its narrowest weekly range in over a decade as a recovery by the dollar capped gains. Expectations that the Federal Reserve will announce another U.S. interest rate hike next week also pressured gold. Higher rates lift the opportunity cost of investing in non-yielding assets, such as bullion. Spot gold inched up 0.1 percent to $1,298.11 per ounce by 1:35 p.m. EDT (1735 GMT), while U.S. gold ...

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First Published: Fri, June 08 2018. 23:32 IST