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Gold price edges up in Asian trade


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Gold price slightly rose in Asian trade on Friday as investors resorted to bargain hunting after the yellow metal dropped below its recent trading range to hit the lowest in more than four months overnight.

Spot gold was up 0.2 per cent at $1,249.04 an ounce, by 0652 GMT, after hitting its lowest since July 26 at $1,243.71 in the previous session.

The metal was down for a third straight week, headed for its biggest weekly decline since early May.

US gold futures were 0.2 per cent lower at $1,250.80, according to Reuters.

The dollar inched higher on Friday, as the passage of a bill to temporarily extend US government funding raised investors' optimism that a tax reform bill would also pass.

Investors were, however, wary of the possibility of escalating tensions in the Middle East after President Donald Trump recognised Jerusalem as the capital of Israel.

Markets are eyeing US non-farm payrolls report due later in the day, which will be last employment report before the Federal Reserve meeting next week.

Spot gold may drop more to $1,239 per ounce, according to Reuters technicals analyst Wang Tao.

Silver rose 0.4 per cent to $15.78 an ounce, but was headed for a third week of losses.

Platinum climbed 0.5 per cent to $896.40 an ounce, but was set to post its biggest weekly fall since March.

Palladium was 0.3 per cent higher at $1,016.20.

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