Gold prices hit one-month low

Gold ring price steadied at 54.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices edged up on Friday as the U.S. dollar softened, while traders awaited economic data due later in the day to gauge the Federal Reserve’s rate-hike stance, Reuters reported.

Spot gold was up 0.1% at $1,824.88 per ounce after hitting a 2-month low in the previous session. For the week so far, bullion is down 0.9%.

The dollar index eased off a seven-week high hit on Thursday, making bullion less expensive for buyers holding other currencies.

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, continuing to signal persistently tight labour market conditions.