Gold edged lower on Friday after the yuan firmed as China bid to calm jittery global markets, while upbeat U.S. retail sales renewed expectations for a near-term increase in U.S. interest rates.
Spot Gold was down 0.1 percent at $1,113.15 an ounce by 0228 GMT, after peaking at $1,126.31 on Thursday, it’s highest since July 20. Thursday’s drop ended gold’s five-day rise, its longest rally since May.
Precious Metal has gained nearly 2 percent for the week so far, after a seven-week slide that was its longest retreat since 1999.
Spot palladium dropped nearly 1 percent to $611 an ounce after touching a two-week high on Thursday. Platinum eased 0.5 percent to $986.90 an ounce and silver dipped 0.6 percent to $15.33.
Bullion has gained nearly 2 percent for the week so far, after a seven-week slide that was its longest retreat since 1999. U.S. gold for December delivery eased 0.2 percent to $1,113 an ounce.
China’s gold demand this year is expected to at least hold steady with last year at just under 1,000 tonnes and will not likely be dented by this week’s currency devaluation, the World Gold Council said.
The dollar steadied after China’s central bank said it saw no reason for the yuan to fall any further.
Asian shares were subdued and on track for a steep weekly loss in the wake of China’s move to devalue its yuan earlier in the week.
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