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*Gold edged down on Friday as the dollar firmed, but was on track for its first weekly gain in four weeks on steady physical buying from China and exchange-traded funds.
*Spot gold was down 0.3 per cent at $1,262.24 an ounce at 0342 GMT. It was set to end the week up nearly 1 per cent.
*US gold futures fell 0.4 per cent to $1,262.90.
*The dollar index, which measures the greenback against a basket of currencies, was up 0.2 per cent at 98.469. It touched a new seven-month high of 98.564 on Friday.
*Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.
*Meanwhile, the European Central Bank on Thursday left interest rates unchanged, maintaining the parameters of its 1.74 trillion euro ($1.95 trillion) asset buying scheme.
*Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.31 per cent to 970.18 tonnes on Thursday. SPDR holdings have risen 2.3 percent so far this month.
*Spot silver fell 0.6 per cent to $17.41.
*Platinum was down nearly 1 per cent at $924.90. Palladium fell over 1 per cent to touch a low of $621.50, its worst since July 13.
MCX GOLD TIPS :
Gold MCX Dec Sell-29950
Target : 28855
Stoploss : 30020
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