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Singapore, August 07 (QNA) – Gold traded little changed on Friday and remained on course for its strongest weekly performance since January, as investors awaited US non-farm payrolls data and monitored developments in energy markets for further clues on the outlook for interest rates.
Spot gold held at $4,235.57 per ounce, putting the precious metal on track for a 4.8 percent weekly gain. Meanwhile, US gold futures slipped 0.1 percent to $4,293.80 per ounce.
Among other precious metals, spot silver fell 0.4 percent to $61.26 per ounce, platinum declined 0.5 percent to $1,720.75, and palladium lost 0.5 percent to $1,363.50.
Gold is viewed as a hedge against inflation. However, higher interest rates typically reduce its attractiveness because the metal does not generate a yield. (QNA)
