Gold Prices Edge Up as Dollar Slips

Investing.com – Gold prices edged up on Friday as the dollar slipped after hitting this year’s new high on Thursday.

for June delivery on the Comex division of the New York Mercantile Exchange was up $0.9, or 0.07%, to $1,313.6 a troy ounce by 12:52AM ET (04:52 GMT).

Meanwhile, the  that tracks the greenback against a basket of six major currencies last stood at 92.21, down 0.08%. The greenback reached this year’s new high on Thursday at 92.66, then slipped back to the 92.2 level on Friday.

Dollar-denominated assets such as gold are sensitive to moves in the dollar – a fall in the dollar makes gold less expensive for holders of foreign currency and thus increases demand for the precious metal.

The U.S. is scheduled to release a slew of data later in the day, including nonfarm payrolls and the jobless rate that might give another push to the greenback. On a side note, the Federal Reserve held interest rates steady on Wednesday.

In other precious metal trade, added 0.14% to $16.470 a troy ounce, and slipped 0.08% to $903.10 an ounce.

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