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Gold reversal on the US session
Gold edged lower on Friday as markets treaded water ahead of the inauguration of Donald Trump, whose plans for the U.S. economy have sapped demand for the metal since his election, says Dow Jones.
Gold was down 0.2% at $1,201.18 a troy ounce in midmorning trade in London, on course for a 0.1% gain for the week and 4.1% increase for the year so far.
The precious metal has also been hit recently by a strengthening dollar, a pattern which continued Friday. The WSJ Dollar Index was up 0.3% at 92.07.
Gold has fallen 6% since Mr. Trump's election as expectations of tax cuts, inflation and rising interest rates pulled money into riskier assets and sent the dollar soaring. Higher rates weigh on gold as it doesn't yield a return.
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